S&P Global Ratings Affirms Ecopetrol's Global and Stand-Alone Credit Ratings

Rhea-AI Summary

Ecopetrol (NYSE: EC) announced that S&P Global Ratings affirmed its global credit rating at BB- with a stable outlook and its stand-alone credit profile at bb+. S&P cited stronger liquidity, a new USD 190 million committed credit facility, and refinanced short-term debt.

S&P expects Ecopetrol’s adjusted net debt-to-EBITDA to remain near 2.0x, supported by a favorable price environment and no major short-term debt increases. The stable outlook remains linked to the Republic of Colombia, reflecting Ecopetrol’s strategic importance and close relationship with the government.

Positive

• Global credit rating affirmed at BB- with stable outlook by S&P
• Stand-alone credit profile maintained at bb+
• New committed credit facility of about USD 190 million
• Short-term debt maturities refinanced, supporting liquidity position
• S&P projects adjusted net debt-to-EBITDA near 2.0x in coming years
• Stable outlook reflects continued importance to Colombian economy

Negative

• Stable outlook and rating remain closely linked to Republic of Colombia

News Market Reaction – EC

-0.76%

10 alerts

-0.76% Session close to close

$34.44B Market Cap

1.2x Rel. Volume

In the Jun 17 session, EC declined 0.76%, reflecting a mild negative market reaction. Our momentum scanner triggered 10 alerts that day, indicating notable trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details S&P’s affirmation of Ecopetrol’s global rating at BB- with a stable outloo...

Analysis

This announcement details S&P’s affirmation of Ecopetrol’s global rating at BB- with a stable outlook and its stand-alone credit profile at bb+. S&P highlighted strengthened liquidity, including a committed credit facility of approximately USD190 million, and expectations for adjusted net debt-to-EBITDA near 2.0x. In context of recent labor, M&A and renewables developments, this reinforces a narrative of balance-sheet stability tied closely to Colombia’s sovereign profile. Investors may focus on future leverage, liquidity, and sovereign-risk updates.

Key Figures

Committed credit facility: approximately USD190 million Net debt-to-EBITDA: close to 2.0x Stake in ISA: 51.4% +5 more

8 metrics

Committed credit facility approximately USD190 million Liquidity sources highlighted by S&P

Net debt-to-EBITDA close to 2.0x S&P adjusted leverage expectation

Stake in ISA 51.4% Equity interest in ISA’s shares

Employees more than 19,000 Ecopetrol headcount

Hydrocarbon production share more than 60% Share of Colombia’s hydrocarbon production

Wind project capacity 259 MW Capacity of JK1 and JK2 wind projects

Annual electricity output 1,100 GWh Expected generation from JK1 and JK2

Decarbonization benefit 4.3 million tons CO₂e Estimated lifetime emission reductions

Historical Context

5 past events · Latest: Jun 15 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 15	Labor agreement	Neutral	-5.4%	Six-year collective bargaining agreement and 66 additional union accords.
May 28	Management update	Neutral	-1.0%	Board adjusts CEO unpaid leave timing; acting CEO to remain in place.
May 26	M&A tender offer	Positive	+7.3%	Launch of premium tender offer for Brava Energia to gain control stake.
May 20	Renewables acquisition	Positive	-0.6%	Purchase of 49% interest in La Guajira JK1 and JK2 wind projects.
May 15	Quarterly report	Neutral	+5.5%	Publication of March 31, 2026 quarterly periodic report under Colombian rules.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent history shows frequent divergences, with the stock sometimes selling off on neutral or strategic-positive headlines and only one clear instance of a positive reaction to upbeat M&A news.

Recent Company History

Over the last month, Ecopetrol reported several strategic and operational developments. A six-year collective bargaining agreement with USO and multiple union deals preceded a -5.37% move. Management-related updates on the CEO’s leave coincided with a modest decline. By contrast, the tender offer for Brava Energia, targeting up to 25% of its capital at a premium, saw a 7.29% gain. A wind-cluster acquisition and the March 31, 2026 quarterly report drew mixed price reactions. Against this backdrop, S&P’s credit affirmation adds a stability-oriented datapoint.

Key Terms

stand-alone credit profile, ebitda, net debt-to-ebitda ratio, forward-looking statements, +2 more

6 terms

stand-alone credit profile financial

"affirms ... global credit rating at BB- with a stable outlook, as well as Ecopetrol's Stand-Alone Credit Profile"

A stand-alone credit profile is an assessment of an entity’s intrinsic ability to meet its debt obligations without assuming any external support, such as guarantees, parent-company backing, or government aid. Investors use it to gauge the company’s true default risk—similar to judging someone’s ability to pay bills based only on their own income and savings—which helps set bond yields, credit spreads, and investment decisions.

ebitda financial

"expected to maintain solid leverage metrics, with an adjusted net debt-to-EBITDA ratio close to 2.0x"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

net debt-to-ebitda ratio financial

"expected to maintain solid leverage metrics, with an adjusted net debt-to-EBITDA ratio close to 2.0x"

The net debt-to-EBITDA ratio compares a company's total debt, after subtracting its cash reserves, to its earnings before interest, taxes, depreciation, and amortization (a measure of profitability). It shows how many years it would take for the company to pay off its debt using its current earnings. Investors use this ratio to assess a company's financial health and its ability to manage and repay debt.

forward-looking statements regulatory

"This release contains statements that may be considered forward-looking statements within the meaning of Section 27A"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

credit rating financial

"S&P Global Ratings ... has affirmed the Company's global credit rating at BB- with a stable outlook"

A credit rating is an independent assessment, usually given as a letter grade, of how likely a borrower is to repay its debt on time. It matters to investors because the rating signals how risky a bond or loan is — like a personal credit score for a company or government — and influences the interest the borrower must pay, the price investors will accept, and whether certain funds can hold that security.

View in glossary

committed credit facility financial

"Ecopetrol secured a committed credit facility of approximately USD190 million, refinanced its short-term debt"

A committed credit facility is a loan line where a bank or group of lenders legally promises to make up to a set amount of cash available to a borrower on agreed terms for a fixed period. For investors, it matters because this guaranteed source of funds acts like a safety net for a company’s cash needs—reducing the risk of a liquidity crunch, supporting operations or planned spending, and making the company’s financial position more predictable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BOGOTA, Colombia, June 17, 2026 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, the "Company") informs that S&P Global Ratings ("S&P") has affirmed the Company's global credit rating at BB- with a stable outlook, as well as Ecopetrol's Stand-Alone Credit Profile ("SACP") at bb+. The credit rating reflects S&P's assessment as of the date hereof and is subject to change at any time. A credit rating is not a recommendation to buy, sell, or hold securities and may be revised or withdrawn by S&P at any time.

With respect to the stand-alone rating, S&P highlighted the Company's continued strengthening of its liquidity sources, noting that Ecopetrol secured a committed credit facility of approximately USD190 million, refinanced its short-term debt maturities, and has benefited from higher operating cash flows.

In addition, according to S&P, the Company is expected to maintain solid leverage metrics, with an adjusted net debt-to-EBITDA ratio close to 2.0x over the coming years, supported by a favorable price environment and no significant debt increases in the short term. These are S&P's own estimates and do not necessarily reflect the Company's internal estimates or guidance.

According to S&P, Ecopetrol's stable outlook remains linked to that of the Republic of Colombia, reflecting the Company's continued importance to the Colombian economy and its close relationship with the Government of Colombia.

The full report published by S&P is available below:

-------------------------------------

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 Mexico, 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.

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, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. 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 the Company's prospects for growth and its ongoing access to capital to fund the Company'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, the Company'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 more information, please contact:

Investor Relations Office
Email: investors@ecopetrol.com.co

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/sp-global-ratings-affirms-ecopetrols-global-and-stand-alone-credit-ratings-302802528.html

SOURCE Ecopetrol S.A.

FAQ

What credit rating did S&P assign to Ecopetrol (NYSE: EC) on June 17, 2026?

S&P Global Ratings affirmed Ecopetrol’s global credit rating at BB- with a stable outlook. The stand-alone credit profile was also maintained at bb+, reflecting S&P’s current assessment of the company’s risk profile and operating environment.

Why did S&P affirm Ecopetrol’s BB- credit rating and stable outlook?

S&P affirmed the BB- rating and stable outlook due to Ecopetrol’s strengthened liquidity, a new USD 190 million committed facility, refinanced short-term debt, and higher operating cash flows. According to S&P, these factors support the company’s current credit profile.

What leverage level does S&P expect for Ecopetrol (EC) after the 2026 rating review?

S&P expects Ecopetrol’s adjusted net debt-to-EBITDA ratio to remain close to 2.0x over the coming years. According to S&P, this projection assumes a favorable price environment and no significant increases in the company’s short-term debt levels.

How did Ecopetrol improve its liquidity before S&P’s June 2026 rating affirmation?

Ecopetrol improved liquidity by securing a committed credit facility of about USD 190 million and refinancing short-term maturities. According to S&P, these steps, along with higher operating cash flows, contributed to the affirmation of the company’s ratings and outlook.

How is Ecopetrol’s S&P credit outlook linked to the Republic of Colombia?

S&P’s stable outlook on Ecopetrol remains linked to the Republic of Colombia. According to S&P, this reflects Ecopetrol’s continued importance to the Colombian economy and its close relationship with the Colombian government as a strategically significant company.

Does S&P’s Ecopetrol rating update on June 17, 2026 guide buy, sell, or hold decisions?

S&P’s credit rating is not a recommendation to buy, sell, or hold Ecopetrol shares. According to S&P and the company, ratings may be revised or withdrawn at any time and should be one of many factors investors consider.