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S&P upgrades LOOP
S&P said it raised its corporate credit rating on LOOP LLC to BBB+ from BBB and affirmed the A-2 short-term rating on the company. The outlook is stable.
At the same time, S&P raised the issue-level rating on LOOP's senior unsecured debt to BBB+ from BBB.
“The upgrade on LOOP reflects its credit metrics outperforming our previous forecast. The company's consistent debt repayment, in addition to increased storage revenues, has resulted in leverage better than our previous expectations, which we project will be in the 2x–2.5x range by year-end 2017,” S&P said in a news release.
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