(Energy Analytics Institute, 1.Sep.2021) — Moody’s Investors Service affirmed the credit rating of Colombia’s state oil company Ecopetrol S.A. at Baa3 but changed its outlook from Stable to Negative.
The rating agency expects the proposed acquisition by Ecopetrol of 51.4% of the outstanding shares of Interconexión Eléctrica S.A. ESP (ISA) will contribute to more stable EBITDA for the Ecopetrol Group, through the expansion of its geographic diversification. The acquisition should also allow Ecopetrol to reduce its carbon emissions-to-EBITDA ratio, the Bogota-based oil giant said 1 September 2021 in an official statement.
Moody’s outlook change comes as a consequence of the “temporal increase in the leverage indicators and the potential refinancing risk related to the credit loan obtained with international banks with a maturity date in 2023,” the statement said.
By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.