Standard & Poor's Upgrades Ecopetrol Stand Alone Credit Profile to 'bbb-' and Confirms its Investment Grade Rating
December 19, 2011 at 09:26 AM EST
BOGOTA, Colombia, Dec. 19, 2011 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; BVL: EC; TSX: ECP) ("Ecopetrol" or the "Company") announced today that credit rating agency Standard & Poor's increased its stand alone credit profile (SACP) from 'bb+' to 'bbb-' and confirmed its corporate credit and debt rating, this latter was last revised in March 18, at BBB- with a stable outlook.
The "SACP" represents the company's credit rating in the absence of any extraordinary support that could be offered by the National Government and tends to converge with the corporate rating, as the expectation of requiring Government intervention decreases.
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 40 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and is entering into the biofuels business.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.
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SOURCE Ecopetrol S.A.