Fitch Affirms Local And International Ecopetrol's Ratings
June 22, 2015 at 08:58 AM EDT
BOGOTA, Colombia, June 22, 2015 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that the rating agency Fitch Ratings has affirmed Ecopetrol S.A.'s foreign and local currency Issuer Default Ratings at 'BBB' and 'BBB+', respectively. Concurrently, Fitch has affirmed the company's national scale short and long-term ratings of 'F1+(col) and 'AAA(col). The Rating Outlook for all ratings is Stable.
According to Fitch, "Ecopetrol's ratings reflect its strong financial profile and improving production levels. Ecopetrol's recently revised growth strategy and associated capex plan are considered adequate for the company's credit quality and cash flow generation ability. Ecopetrol is expected to maintain a financial and credit profile consistent with the assigned rating."
In the report, Fitch mentions that, "Ecopetrol's relatively sizable reserves, stable production levels and dominant domestic market share allow the company to generate consistently strong cash flows from operations and meet its obligations in a timely manner."
The full report is available at www.fitchratings.com. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.
Ecopetrol is the largest company in Colombia and is an integrated oil and gas company; it is among the top 40 oil companies in the world and among the top four oil companies in Latin America. Besides Colombia – where it generates over 60% of the national production – it has exploration and production activities in Brazil, Peru, the US (Gulf of Mexico) and Angola. Ecopetrol owns the largest refinery in Colombia, most of the pipeline and multi-product pipeline network in the country, and is significantly increasing its participation in bio-fuels.
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 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 and 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 information, please contact:
Head of Corporate Finance and Investor Relations (a)
Media Relations (Colombia)
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fitch-affirms-local-and-international-ecopetrols-ratings-300102484.html
SOURCE Ecopetrol S.A.