(Energy Analytics Institute, 8.Nov.2024) — Fitch Ratings on 6 Nov. 2024 revealed that its was maintaining its global credit rating for Ecopetrol at BB+ with a stable outlook.
However, Fitch, in a report on Ecopetrol and Colombia, downgraded the Standalone Credit Profile (“SCP”) from ‘bbb’ to ‘bbb-‘ while it affirmed the national long-term and short-term ratings of Ecopetrol at ‘AAA (col)’ with a Stable Outlook and ‘F1+(col)’, respectively, Ecopetrol announced 8 Nov. 2024 in an official statement.
Fitch said the global rating of ‘BB+’ reflects the stable operational condition of Ecopetrol as Colombia’s leading oil and gas producer as well as its significant energy transmission business in Colombia and other Latin American countries through its subsidiary Interconexión Eléctrica S.A. E.S.P (ISA).
Fitch indicated Ecopetrol’s strategic importance and ability to maintain a solid financial profile.
“The evaluation of the aforementioned factors and the other considerations contained in the report support an individual rating that is within Investment Grade and at a level above the company’s overall rating,” Ecopetrol said in the statement. “The assessment of the aforementioned factors and other considerations contained in the report supports an SCP that remains within the Investment Grade range and above the company’s global rating.”
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By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.
