(Ecopetrol, 1.Dec.2020) — Ecopetrol reports that rating agency, Fitch Ratings, has affirmed the company’s credit rating at BBB- with a negative outlook and its standalone credit profile (without incorporating government support) at bbb.
In its statement, Fitch highlighted the company’s strategic importance for the country, its ability to maintain a solid financial profile, as well as its resilience in confronting the decrease in international oil prices during 2020. Likewise, it emphasized its strong capital structure which provided the company flexibility during the crisis.
The rating agency highlighted Ecopetrol’s liquidity profile, supported by its cash generation, strong access to capital markets and adequate debt maturity profile.
Additionally, Fitch highlighted the company’s strong linkage to the Republic of Colombia. The negative outlook is in line with Colombia’s sovereign rating (BBB-/ negative outlook).