Fitch shifts LOOP view to stable

Fitch Ratings said it changed the outlook for LOOP LLC to stable from negative.

“The outlook revision reflects the improving credit metrics and cashflow in Fitch’s forecast given the expected rising crude export volume through LOOP’s system. Fitch projects LOOP’s leverage to be approximately 3.8x by yearend 2019 and improve to below 3.5x at yearend 2020 and 2021. Fitch believes that in the near term LOOP will continue to benefit from rising crude exports as the only deep-water port in the U.S. capable of fully offloading and loading very large crude carriers (VLCC) that are too large to access other inland port facilities when fully loaded,” said Fitch in a press release.

The agency affirmed LOOP’s BBB+ rating and senior secured debt backed by a throughput and deficiency agreement at A-.

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