Press Release

DBRS Morningstar Assigns Rating of “A” With a Stable Trend to AltaLink, L.P.’s $275 million Series 2022-1 Senior Secured Notes

Utilities & Independent Power
November 29, 2022

DBRS Limited (DBRS Morningstar) assigned a rating of “A” with a Stable trend to AltaLink, L.P.’s (ALP; rated “A” with a Stable trend by DBRS Morningstar) $275 million 4.692% Series 2022-1 Senior Secured Notes maturing on November 28, 2032 (the Series 2022-1 Notes). DBRS Morningstar based the rating of the Series 2022-1 Notes on its rating of the already outstanding Medium Term Notes (MTN) and Senior Secured Notes under the Master Trust Indenture (MTI).

The Series 2022-1 Notes are secured obligations of ALP and rank equally and pari passu with all other MTN and Senior Secured Notes outstanding from time to time under the MTI, and have priority over all present and future unsecured indebtedness (if any) and all subordinated indebtedness.

DBRS Morningstar understands that the net proceeds of the issuance are to be used to repay $275 million of MTN that matured on November 28, 2022.

There were no Environmental/Social/Governance (ESG) factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at (May 17, 2022).

All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are the Global Methodology for Rating Companies in the Regulated Electric, Natural Gas and Water Utilities Industry (September 13, 2022;, DBRS Morningstar Criteria: Approach to Environmental, Social and Governance Risk Factors in Credit Ratings (May 17, 2022,, and DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 1, 2022;, which can be found on under Methodologies & Criteria,

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at:

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

For more information on this credit or on this industry, visit or contact us at

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