Fitch Ratings maintains Ecopetrol's overall credit rating at BB+ and stable outlook.

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Fitch Ratings has maintained Ecopetrol's global credit rating at BB+ with a stable outlook, while downgrading its Standalone Credit Profile (SCP) from 'bbb' to 'bbb-'. The agency affirmed the national long-term rating at 'AAA (col)' and short-term rating at 'F1+(col)'. The rating reflects Ecopetrol's position as Colombia's leading oil and gas producer and its significant energy transmission business through ISA subsidiary. Fitch highlighted the company's strategic importance and solid financial profile, with the SCP remaining within Investment Grade range.

Positive

• Maintained BB+ global credit rating with stable outlook
• Retained national AAA(col) long-term and F1+(col) short-term ratings
• Confirmed solid financial profile
• SCP remains within Investment Grade range

Negative

• Downgrade of Standalone Credit Profile from 'bbb' to 'bbb-'

BOGOTA, Colombia, Nov. 8, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (the "Company" or "Ecopetrol") informs that Fitch Ratings  reported on November 6, 2024, that it has maintained the global credit rating of the Company at BB+ with a stable outlook. Additionally, the agency has downgraded the Standalone Credit Profile ("SCP") from 'bbb' to 'bbb-' and affirmed the national long-term and short-term ratings of Ecopetrol at 'AAA (col)' with a Stable Outlook and 'F1+(col)', respectively.

Fitch noted that the global rating of 'BB+' reflects the stable operational condition of the Company as the leading producer of oil and gas in Colombia, 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. The agency 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.

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.

The complete report issued by the agency on November 6, 2024, can be consulted at the following link:
https://www.fitchratings.com/research/corporate-finance/fitch-affirms-ecopetrol-foreign-local-currency-idrs-at-bb-outlook-stable-06-11-2024

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.

For more information, please contact:

Head of Capital Markets (a)
Lina María Contreras Mora
Email: investors@ecopetrol.com.co

Head of Corporate Communications 
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co

View original content:https://www.prnewswire.com/news-releases/fitch-ratings-maintains-ecopetrols-overall-credit-rating-at-bb-and-stable-outlook-302300428.html

SOURCE Ecopetrol S.A.

FAQ

What is Ecopetrol's (EC) current credit rating by Fitch?

Fitch Ratings maintained Ecopetrol's global credit rating at BB+ with a stable outlook.

How did Fitch change Ecopetrol's (EC) Standalone Credit Profile in November 2024?

Fitch downgraded Ecopetrol's Standalone Credit Profile (SCP) from 'bbb' to 'bbb-'.

What is Ecopetrol's (EC) national rating in Colombia according to Fitch?

Ecopetrol maintains a national long-term rating of AAA(col) with Stable Outlook and short-term rating of F1+(col).