The Globe and Mail reports in its Wednesday, April 20, edition that Fortis ($40.17) is top Canadian growth stock for Industrial Alliance Investment Management manager Gil Lamothe. The Globe's Shirley Won writes that Fortis pays $1.50 a share for a yield of 3.73 per cent. Fortis has negotiated a transformative deal to buy ITC Holdings Corp., which is based in the United States. The interstate electric transmission company will make Fortis less risky because it will diversify its revenue base, says Mr. Lamothe. ITC is also governed by the U.S. Federal Energy Regulatory Commission, which allows for better rates of return than state or provincial regulators. The deal, which still requires regulatory approval, will boost Fortis's earnings from U.S. assets to about 60 per cent from 40 per cent. While rising interest rates are a risk because that would increase the cost of debt, Fortis is also a well-run company that has raised dividends annually for the last 42 years, notes Mr. Lamothe. The Globe's John Heinzl was bullish on Fortis on March 16. Mr. Heinzl said he was not fazed by a pullback in the stock and suggested it represented a buying opportunity. Fortis shares could then be had for $39.20.