S&P: AL Gulf Coast loan BBB-

Standard & Poor's said that it assigned a BBB- rating to AL Gulf Coast Terminals LLC's $305 million senior secured term loan B.

The outlook is stable.

The ratings on Al Gulf Coast reflect its consolidated project approach to the debt and cash flows for the duration of the project financing, which matures in 2016, the agency said.

Recontracting risk is partially mitigated by the project's demonstrated ability to raise rates on expiring contracts to date and its competitive market position, the agency added.

The stable outlook reflects the expectation that the market for residual oil storage will remain stable in the short term as well as the high level of expected amortization under the project's cash flow sweep, S&P said.

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