S&P snips AtaLink

S&P said it lowered its ratings for AltaLink Investments LP (AILP) and its subsidiary Altalink LP (ALP) by one notch to A- from A. The agency also trimmed ALP’s senior secured debt to A- from A and assigned both companies stable outlooks. Both companies are subsidiaries of Berkshire Hathaway Energy Co. (BHE).

“Our one-notch downgrades of AILP and ALP reflect our revised group status assessments for these companies. In light of BHE's recent disclosure that its support for PacifiCorp is limited to PacifiCorp suspending its dividends and our view that PacifiCorp will depend on further external debt to fund its expected cash stockpile, we do not believe BHE will provide extraordinary support to its subsidiaries under all foreseeable circumstances and believe that extraordinary support will be limited under certain circumstances.

“As such, we revised downward our group status assessments for AILP and ALP to strategically important from core. These downward reassessments result in one-notch downgrades for these subsidiaries,” S&P said in a press release.

The stable outlooks reflect BHE’s stable outlook.

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