Moody's Maintains Ecopetrol S.A.'s International Long Term Rating at Baa2
June 25, 2015 at 08:58 AM EDT
BOGOTA, Colombia, June 25, 2015 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) hereby reports that the credit rating agency Moody's Investors Service has maintained Ecopetrol's long term international rating at Baa2 with a stable outlook.
In its announcement, Moody's mentioned that "the rating affirmation was based on Ecopetrol's solid business strategy, now focused on expanding exploration activities to increase reserves as well as on improving production recovery and operating efficiencies across the board, which will help the company protect its credit quality through the current cycle of lower oil prices."
The rating decision also considered, among other factors, Ecopetrol's leading position in Colombia and the size of its operations.
The full report is available at www.moodys.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 A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.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, and the US (Gulf of Mexico). 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
Media Relations (Colombia)
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SOURCE Ecopetrol S.A.