LOCAP LLC -- Moody's affirms Louisiana Offshore Terminal Authority's unsecured notes at A3 and LOCAP's P-2 short-term rating on its commercial paper program

New York, September 20, 2013 -- Moody's Investors Service affirmed Louisiana Offshore Terminal Authority's unsecured debt obligations at A3. These bonds are fully and unconditionally guaranteed by LOOP, as the Louisiana Offshore Terminal Authority is merely the conduit through which LOOP issues this debt. The Louisiana Offshore Terminal Authority also issues Industrial Revenue Bonds (IRBs) on behalf of LOOP LLC that are classified as First Stage Debt backed by a Throughput & Deficiency (T&D) Agreement. These bonds are either backed by irrevocable letters of credit (LOC) that provide credit uplift based on the ratings of the respective issuing banks, or directly held by a bank. Moody's does not have a long term rating for LOCAP but affirms a P-2 rating on its commercial paper program.

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