Fitch Ratings Maintained Rating Of Ecopetrol S.A. At BB+, With A Stable Outlook

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Ecopetrol S.A. (NYSE: EC) reported that Fitch Ratings affirmed its credit rating at BB+ with a stable outlook, recognizing its strong financial position and liquidity. Fitch noted Ecopetrol's linkage to the Colombian government, which holds 88.5% of voting shares, highlighting the company's strategic importance to the country. Additionally, Fitch emphasized Ecopetrol's solid cash generation and access to capital markets as key strengths.

Positive

• Fitch Ratings affirmed Ecopetrol's credit rating at BB+ with a stable outlook.
• The company's strong financial position and liquidity were highlighted.
• Ecopetrol holds a strategic importance to Colombia, with government owning 88.5% of shares.

Negative

• None.

BOGOTA, Colombia, Nov. 23, 2021 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that Fitch Ratings affirmed the Company's credit rating at BB+ with a stable outlook and the stand-alone rating at bbb (without incorporating government support).

Fitch highlighted the Company's linkage to the Republic of Colombia, which currently owns 88.5% of the voting shares, as well as the strategic importance of the Company for the country. Likewise, Fitch Ratings recognizes Ecopetrol's ability to maintain a solid financial position.

Finally, the rating agency emphasized Ecopetrol's liquidity, supported by its cash generation, proven access to the capital markets and adequate debt maturity profile.

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 17,000 employees. In Colombia, it accounts for more than 60% of hydrocarbon production, and most of the hydrocarbon transportation, logistics, and refining systems, and has leading positions in petrochemicals and gas distribution. With the acquisition of 51.4% of ISA's shares, it participates in energy transmission, management of real-time systems (XM) and the Concesión Costera Barranquilla - Cartagena. At the international level, Ecopetrol focuses on strategic basins on the American continent, with E&P operations in the United States (the Permian basin and the Gulf of Mexico), Brazil and Mexico, and through ISA and its subsidiaries it has leading positions in the transmission business in Brazil, Chile, Peru and Bolivia, in road concessions in Chile, and in telecommunications. This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects. All are projections, and therefore are based solely on management's expectations of the company's future and its continuous access to capital to finance its sales plan. Achieving these estimates in the future depends on its performance under given market conditions, regulations, competition, the performance of the Colombian economy and industry, and other factors; therefore, they are subject to change without prior notice. 

This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of Ecopetrol's prospects for growth and its ongoing access to capital to fund Ecopetrol's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, Ecopetrol's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements.

For further details, please contact: 

Head of Capital Markets 
Tatiana Uribe Benninghoff 
Email : investors@ecopetrol.com.co 

Media Engagement (Colombia) 
Jorge Mauricio Téllez 
Email : mauricio.tellez@ecopetrol.com.co 

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SOURCE Ecopetrol S.A.

FAQ

What is Ecopetrol's current credit rating?

Ecopetrol's credit rating is BB+ as affirmed by Fitch Ratings.

What factors contribute to Ecopetrol's credit rating?

Fitch highlighted Ecopetrol's strong financial position, liquidity, and its strategic importance to Colombia.

What percentage of Ecopetrol does the Colombian government own?

The Colombian government owns 88.5% of Ecopetrol's voting shares.

What is the outlook for Ecopetrol's credit rating?

The outlook for Ecopetrol's credit rating is stable according to Fitch Ratings.