Summary: LOOP LLC

LOOP LLC is the sole offshore oil port operator for deep-draft oil tankers in the Gulf of Mexico Threat of increasing Canadian and domestic onshore crude oil production displacing LOOP's volumes Meaningful crude oil storage capacity with access to a meaningful number of refineries in the U.S. Elevated financial leverage Modest capital spending requirements LOOP generally distributes most of its free cash flow to its owners The stable outlook on the ratings reflects our expectations that throughput levels will remain relatively stable and LOOP will maintain debt to EBTIDA in the 5x to 5.5x range. We could lower the ratings if LOOP's competitive position worsens, operating performance deteriorates, or LOOP's already somewhat high financial leverage increases above 6.5x for an

RESEARCH Summary: LOOP LLC Publication date: 30-Jun-2014 Primary Credit Analyst: Nora Pickens, New York (1) 212-438-2257; nora.pickens@standardandpoors.com Secondary Contact: Michael T Ferguson, CFA, CPA, New York (1) 212-438-7670;...

Summary