Moody's Maintains Ecopetrol's Global Credit Rating at Ba1 with a Stable Outlook
Moody's has maintained Ecopetrol's (NYSE: EC) global credit rating at Ba1 with a stable outlook following its periodic review on February 24, 2025. The company's individual rating remains at b1.
The rating reflects Ecopetrol's position as Colombia's primary oil and gas producer, controlling approximately 60% of national production. Moody's highlighted the company's significant energy transmission business across Latin America and stable cash flow from subsidiaries Interconexión Eléctrica S.A. E.S.P. and Cenit SAS.
Key factors supporting the rating include increased production levels and reduced balance of the Fuel Price Stabilization Fund (FEPC), enhancing company liquidity. Moody's expects Ecopetrol's financial obligations to maintain support through access to global and Colombian capital markets, along with government backing.
Moody's ha mantenuto il rating creditizio globale di Ecopetrol (NYSE: EC) a Ba1 con un outlook stabile a seguito della sua revisione periodica del 24 febbraio 2025. Il rating individuale dell'azienda rimane a b1.
Il rating riflette la posizione di Ecopetrol come principale produttore di petrolio e gas della Colombia, controllando circa il 60% della produzione nazionale. Moody's ha evidenziato l'importante attività di trasmissione energetica dell'azienda in tutta l'America Latina e il flusso di cassa stabile proveniente dalle controllate Interconexión Eléctrica S.A. E.S.P. e Cenit SAS.
I fattori chiave a sostegno del rating includono l'aumento dei livelli di produzione e la riduzione del saldo del Fondo di Stabilizzazione del Prezzo del Carburante (FEPC), che migliora la liquidità dell'azienda. Moody's si aspetta che gli obblighi finanziari di Ecopetrol continuino a essere supportati dall'accesso ai mercati di capitali globali e colombiani, insieme al sostegno del governo.
Moody's ha mantenido la calificación crediticia global de Ecopetrol (NYSE: EC) en Ba1 con una perspectiva estable tras su revisión periódica el 24 de febrero de 2025. La calificación individual de la empresa se mantiene en b1.
La calificación refleja la posición de Ecopetrol como el principal productor de petróleo y gas de Colombia, controlando aproximadamente el 60% de la producción nacional. Moody's destacó el importante negocio de transmisión de energía de la empresa en América Latina y el flujo de caja estable de las subsidiarias Interconexión Eléctrica S.A. E.S.P. y Cenit SAS.
Los factores clave que respaldan la calificación incluyen el aumento de los niveles de producción y la reducción del saldo del Fondo de Estabilización del Precio del Combustible (FEPC), lo que mejora la liquidez de la empresa. Moody's espera que las obligaciones financieras de Ecopetrol sigan siendo respaldadas por el acceso a los mercados de capitales globales y colombianos, junto con el apoyo del gobierno.
무디스는 에코페트롤 (NYSE: EC)의 글로벌 신용 등급을 Ba1로 유지하며, 2025년 2월 24일에 실시된 정기 검토 이후 안정적인 전망을 보이고 있습니다. 회사의 개별 등급은 b1로 유지됩니다.
이 등급은 에코페트롤이 콜롬비아의 주요 석유 및 가스 생산업체로서, 국가 생산의 약 60%를 차지하고 있는 위치를 반영합니다. 무디스는 회사의 라틴 아메리카 전역에서의 중요한 에너지 전송 사업과 자회사인 Interconexión Eléctrica S.A. E.S.P. 및 Cenit SAS로부터의 안정적인 현금 흐름을 강조했습니다.
등급을 뒷받침하는 주요 요소로는 생산 수준의 증가와 연료 가격 안정화 기금(FEPC)의 잔액 감소가 있으며, 이는 회사의 유동성을 향상시킵니다. 무디스는 에코페트롤의 재정적 의무가 글로벌 및 콜롬비아 자본 시장에 대한 접근과 정부의 지원을 통해 계속해서 지원될 것으로 예상하고 있습니다.
Moody's a maintenu la note de crédit mondiale de Ecopetrol (NYSE: EC) à Ba1 avec une perspective stable suite à sa révision périodique du 24 février 2025. La note individuelle de l'entreprise reste à b1.
Cette note reflète la position d'Ecopetrol en tant que principal producteur de pétrole et de gaz en Colombie, contrôlant environ 60 % de la production nationale. Moody's a souligné l'importance de l'activité de transmission d'énergie de l'entreprise à travers l'Amérique latine et le flux de trésorerie stable provenant des filiales Interconexión Eléctrica S.A. E.S.P. et Cenit SAS.
Les facteurs clés soutenant la note incluent l'augmentation des niveaux de production et la réduction du solde du Fonds de Stabilisation des Prix des Carburants (FEPC), améliorant ainsi la liquidité de l'entreprise. Moody's s'attend à ce que les obligations financières d'Ecopetrol continuent d'être soutenues par l'accès aux marchés de capitaux mondiaux et colombiens, ainsi que par le soutien du gouvernement.
Moody's hat die globale Kreditbewertung von Ecopetrol (NYSE: EC) bei Ba1 mit einem stabilen Ausblick nach der regelmäßigen Überprüfung am 24. Februar 2025 beibehalten. Die individuelle Bewertung des Unternehmens bleibt bei b1.
Die Bewertung spiegelt die Position von Ecopetrol als führenden Öl- und Gasproduzenten Kolumbiens wider, der etwa 60% der nationalen Produktion kontrolliert. Moody's hob das bedeutende Geschäft des Unternehmens im Bereich der Energieübertragung in ganz Lateinamerika und den stabilen Cashflow von den Tochtergesellschaften Interconexión Eléctrica S.A. E.S.P. und Cenit SAS hervor.
Wichtige Faktoren, die die Bewertung unterstützen, sind die gestiegenen Produktionsniveaus und der reduzierte Saldo des Fonds zur Stabilisierung der Kraftstoffpreise (FEPC), was die Liquidität des Unternehmens verbessert. Moody's erwartet, dass die finanziellen Verpflichtungen von Ecopetrol weiterhin durch den Zugang zu globalen und kolumbianischen Kapitalmärkten sowie durch staatliche Unterstützung unterstützt werden.
- Maintained Ba1 credit rating with stable outlook
- Controls 60% of Colombia's oil and gas production
- Increased production levels
- Reduced Fuel Price Stabilization Fund balance improving liquidity
- Strong government support and market access
- Credit rating remains at sub-investment grade (Ba1)
Insights
Moody's maintenance of Ecopetrol's Ba1 rating with stable outlook merits careful interpretation for investors. This rating sits one notch below investment grade, reflecting a credit profile with moderate risk but still considered "speculative" by institutional standards.
The two-notch uplift from Ecopetrol's standalone b1 rating to Ba1 underscores the critical "government support" factor in Moody's assessment. As Colombia's national oil company with the government holding 88.49% ownership, Ecopetrol benefits from implied sovereign backing, though this creates exposure to Colombia's own Baa2 sovereign rating.
The reduction in the Fuel Price Stabilization Fund (FEPC) balance is particularly significant. This mechanism has historically created substantial receivables when domestic fuel prices were kept below international benchmarks, effectively functioning as an interest-free loan from Ecopetrol to the government. The declining balance suggests improved cash conversion efficiency.
Ecopetrol's diversification strategy through the ISA acquisition appears to be paying dividends in Moody's assessment. The stable regulated cash flows from energy transmission assets provide a counterbalance to volatile oil revenues, creating a more resilient financial profile during commodity price fluctuations.
For investors, this rating maintenance signals stable access to debt markets, though at higher costs than investment-grade peers like Petrobras (recently upgraded to investment grade). The company's ability to maintain this rating despite industry pressures demonstrates financial discipline, but the subinvestment grade status continues to limit its investor base and increases borrowing costs.
Moody's noted that the global rating of 'Ba1' reflects the Company's status as the main producer of oil and gas in
The rating agency highlighted the increase in production and the reduction of the balance of the Fuel Price Stabilization Fund (FEPC), which supports the Company's liquidity, and mentioned that Moody's expects that Ecopetrol's financial obligations will continue to be supported by access to global and Colombian capital markets, and government support.
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Ecopetrol is the largest company in
This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the
A rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
For more information, please contact:
Head of Capital Markets
Carolina Tovar Aragón
Email: investors@ecopetrol.com.co
Head of Corporate Communications (
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co
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SOURCE Ecopetrol S.A.
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