Fitch Ratings Upgrades Ecopetrol's Foreign and Local Currency Ratings
OREANDA-NEWS. Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) announces that Fitch Ratings, a credit rating agency, has upgraded its foreign and local currency ratings of Ecopetrol S.A. from BBB- and BBB to BBB and BBB+, respectively. Furthermore, both rating outlooks were revised to stable.
This upgrade is consistent with Fitch Ratings’ upgrade on December 10 of Colombia’s sovereign rating in foreign and local currency from BBB- and BBB to BBB and BBB+ respectively.
Ecopetrol is Colombia’s largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 50 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and is entering into the biofuels business.