On April 21, 2003, Standard&Poor's Ratings Services assigned its 'A' rating to LOOP LLC's proposed $23.2 million series D refunding revenue bonds due 2023. 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. Standard&Poor's also affirmed its 'A/A-1' corporate credit ratings on LOOP. The outlook is stable. New Orleans, La.-based LOOP had about $397 million of total debt outstanding as of June 30, 2003. The ratings on petroleum pipeline LOOP are supported by throughput and deficiency agreements (separate, not joint) with its five owners, all of which are large, solidly investment-grade oil companies. LOOP owns and operates
