Fitch lowers Locap

Fitch Ratings said it downgraded Locap LLC's short-term issuer default and commercial-paper ratings to F2 from F1.

The company has an issuer default rating of BBB+.

The outlook is stable.

The downgrade impacts $20 million of commercial paper, which is backed by agreements with Locap's owners - the U.S. subsidiaries of Royal Dutch Shell plc and affiliates of Marathon Petroleum Corp., Fitch said.

The BBB+ issuer default rating is supported by Locap's low leverage and consistent cash flows from operations, the agency said.

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