S&P Global Ratings affirmed all ratings including its 'BBB+' issuer credit rating (ICR) on LOOP LLC (LOOP). As of year-end 2022, LOOP began to report finance lease liabilities on its balance sheet due to the adoption of ASC Topic 842, which we add to long-term debt as per our criteria. We do not believe there is any fundamental change in the company's credit risk as a result of the inclusion of the finance leases in our debt calculations, and have revised rating triggers to account for the impact on our adjusted credit metrics. The stable outlook reflects our expectation that the company will continue to de-lever, leading to adjusted debt to EBITDA of 3.6x-4.2x over the next three years. The
