The ratings on LOOP LLC reflect the company's dominant market share as the sole offshore oil port operator for deep-draft oil tankers in the Gulf of Mexico. In addition, Standard&Poor's Ratings Services' ratings on the company take into account LOOP's relatively stable and predictable cash flows. Weaknesses include the potential displacement of long-haul imports by Canadian crude supply and geographic concentration of assets. We consider LOOP's importance to its owners' daily operations and the throughput and deficiency (T&D) agreements with its large, investment-grade owners as additional strengths. As of Dec. 30, 2009, LOOP had $467 million in debt, adjusted for operating leases and postretirement benefit obligations. We consider LOOP's business profile to be strong. LOOP owns and operates
