On March 24, 2003, Standard&Poor's Ratings Services 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. At the same time, Standard&Poor's affirmed its 'A/A-1' corporate credit ratings on LOOP LLC. The outlook is stable. The ratings on petroleum pipeline LOOP LLC are supported by throughput and deficiency agreements (separate, not joint) with its five owners, all of which are large, solidly investment-grade oil companies. New Orleans, La.-based LOOP owns and operates a deepwater oil port 18 miles off
