Research Update: LOOP LLC Outlook Revised To Stable On Increasing Volumes In Exports Business; 'BBB+' Ratings Affirmed

U.S. offshore oil port operator LOOP LLC's forecasted credit measures have improved and we expect they will continue to improve due to increased volumes from the growing exports business and Gulf of Mexico pipeline receipts. We are revising our outlook on the company to stable from negative. We are also affirming the 'BBB+' issuer credit rating and 'A-2' short-term rating on the company. We are also affirming our 'BBB+' issue-level rating on LOOP's senior unsecured debt. The stable outlook reflects our view that adjusted debt to EBITDA will continue to improve to the 3.0x-3.5x range for full-year 2020 due to modest debt reductions and sustained levels of cash flow from greater diversification of its revenue streams. The stable outlook on

...- U.S. offshore oil port operator LOOP LLC's forecasted credit measures have improved and we expect they will continue to improve due to increased volumes from the growing exports business and Gulf of Mexico pipeline receipts. - We are revising our outlook on the company to stable from negative. We are also affirming the '###+' issuer credit rating and 'A-2' short-term rating on the company. We are also affirming our '###+' issue-level rating on LOOP's senior unsecured debt. - The stable outlook reflects our view that adjusted debt to EBITDA will continue to improve to the 3.0x-3.5x range for full-year 2020 due to modest debt reductions and sustained levels of cash flow from greater diversification of its revenue streams....

Research Update