Fitch Ratings Maintains Ecopetrol S.A.'s Rating at BB+, with a Stable Outlook

Source: www.gulfoilandgas.com 11/20/2023, Location: South America

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol") reports that the rating agency Fitch Ratings affirmed the Company's long-term foreign and local currency issuer default rating at "BB+", with a stable outlook. Additionally, the agency affirmed the Company's national long- and short-term ratings at 'AAA(col)' and 'F1+(col)', respectively, both with a stable outlook.

The rating agency highlighted Ecopetrol's liquidity profile, which is supported by cash generation, access to capital markets, an adequate debt structure and the EBITDA contribution from Interconexión Eléctrica S.A. E.S.P (ISA). It also noted progress in reducing the balance of accounts receivables from the Fuel Price Stabilization Fund (FEPC), stability in the Company's operational metrics and Ecopetrol's strategic relevance for Colombia, as the Republic of Colombia holds 88.5% of its voting share capital.


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