LOOP LLC (LOOP) completed fiscal 2024 below expectations, primarily due to market headwinds affecting crude oil exports, which resulted in decreased throughput in the company?s loading volume. We anticipate that LOOP?s reduced throughput volume will persist in the first half of 2025, although a moderate recovery is expected in the second half of the year. We forecast LOOP?s S&P Global Ratings-adjusted leverage will be about 4.4x in 2025, exceeding our stated downside threshold of 4.25x. However, we believe that LOOP?s conservative financial policy will be a strong mitigant against market challenges and that the company will address its leverage in 2026. Therefore, S&P Global Ratings affirmed its ?BBB+? issuer credit and issue-level ratings on LOOP. The stable outlook reflects our
