S&P downgrades AltaLink debt

S&P said it removed AltaLink Investments LP's senior unsecured debt from under criteria observation and lowered the rating to A- from A.

The agency said the action stems solely from the application of its revised issue rating criteria and does not reflect any change in the assessment of the corporate credit rating.

S&P said the rating reflects that, under the new criteria, AltaLink’s consolidated secured debt ratio exceeds the 50% threshold, leading to a view that the company's unsecured debtholders are likely to be disadvantaged because the secured lenders have priority over unsecured lenders.

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