DBRS boosts AltaLink Investments

DBRS said it raised its ratings for AltaLink Investments, LP (AILP) and its senior unsecured bonds to A (low) from BBB (high).

“The rating upgrades are due to financial metrics, notably the nonconsolidated debt leverage, which has exceeded the rating range over the past two to three years,” the agency said in a press release.

AILP’s metrics are also aided by its wholly owned subsidiary AltaLink LP, which DBRS rates A, DBRS added.

“During the past two to three years, AILP has used the strength of increasing dividend cash flow from ALP to decrease its nonconsolidated leverage, and as of Q1 2022, has completely paid down the remainder of its long-term debt, leaving only short-term revolving credit facilities used for operating purposes,” the agency said.

The trend is stable.

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