NEW YORK (Standard&Poor's) March 24, 2003--Standard&Poor's Ratings Services said today that it assigned its 'A' rating to LOOP LLC's proposed $39.4 million series C refunding revenue bonds due 2015 and 2016. The net proceeds from the sale of the notes will be used to refund certain existing LOOP refunding revenue bonds issued at the origin of the LOOP Project. Standard&Poor's also affirmed its 'A/A-1' corporate credit ratings on LOOP. The outlook is stable. New Orleans, La.-based LOOP had $397 million of total debt outstanding as of Dec. 31, 2002. "The ratings for petroleum pipeline LOOP are supported by throughput and deficiency agreements (separate, not joint) with its five owners, all of which are large,
