S&P changes LOOP view to stable

S&P said it revised the outlook for LOOP LLC to stable from negative and affirmed the BBB+ ratings on the company and its senior unsecured debt.

“The outlook revision reflects our expectation that LOOP’s credit metrics will improve to the 3x-3.5x range. LOOP ended 2019 with leverage of 4.6x. We expect LOOP to deleverage incrementally by repaying at least $20 million per year. We expect leverage to decline to around 3x-3.5x in 2020 and 2021 due to rising export volumes, higher Gulf of Mexico (GOM) production, and modest debt reductions,” S&P said in a press release.

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