Fitch downgrades LOOP

Fitch Ratings said it downgraded LOOP LLC's long-term issuer default rating and senior unsecured rating to BBB+ from A-.

In addition, the agency downgraded LOOP's senior secured debt backed by throughput and deficiency agreements to A- from A.

The outlook was revised to negative from stable.

“LOOP's ratings and outlook reflect weaker credit metrics and cash flow in the forecast years given the material decline in future vessel offloading volume,” the agency said in a news release.

Fitch also said it forecasts the cavern storage volume will be negatively impacted by the backwardated crude market in the near term.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.