Fitch lifts LOOP to positive

Fitch Ratings said it affirmed LOOP LLC's long-term issuer default rating at BBB+, first-stage deepwater port revenue bonds and refunding revenue bonds rating at A-, deepwater port refunding revenue bonds (unsecured debt) at BBB+, senior unsecured debt at BBB+ and short-term issuer default rating at F2.

The agency also said it revised the company’s outlook to positive from stable.

The ratings are supported by LOOP's strategic position as the only deep-water port in the United States capable of offloading ultra-large crude carriers and very large crude carriers that are too large to access inland port facilities, Fitch explained.

The company also is well positioned to receive domestic crudes delivered by medium range tankers and pipelines, the agency said.

Rating concerns include the impact of volatility of foreign-import and domestic-throughput volumes, Fitch said.

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