Ecopetrol S.A. recently reported that Fitch Ratings has affirmed its foreign and local currency hold Issuer Default Ratings of BBB and BBB+.
“Ecopetrol’s ratings reflect its strong financial profile and improving production levels,” Fitch said in its report. “Ecopetrol’s recently revised growth strategy and associated capex plan are considered adequate for the company’s credit quality and cash flow generation ability. Ecopetrol is expected to maintain a financial and credit profile consistent with the assigned rating.”
Simultaneously, Fitch has affirmed the company’s national scale short and long-term ratings of F1+(col) and AAA(col). The rating outlook for all ratings is stable.
“Ecopetrol’s relatively sizable reserves, stable production levels and dominant domestic market share allow the company to generate consistently strong cash flows from operations and meet its obligations in a timely manner,” Fitch said in its report.
The full report is available at www.fitchratings.com
Ecopetrol, largest company in Colombia, is an integrated oil and gas company that is among the top 40 oil companies in the world and among the top four oil companies in Latin America. It generates over 60 percent of the national production in Colombia and it has exploration and production activities in Brazil, Peru, the United States and Angola.
