Fitch Ratings confirms Ecopetrol S.A.'s investment-grade rating
December 07, 2017 at 20:44 PM EST
BOGOTÁ, Colombia, Dec. 7, 2017 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that risk-rating agency Fitch Ratings has maintained the company's credit rating at BBB with stable prospects, and its stand-alone rating without incorporating government support at BBB-.
The rating agency noted the company's actions to promote a solid financial and cash position, with Gross Debt /EBITDA of 2.1x. In terms of operations, it recognizes the importance of cost reduction, as a result of the company's transformation plan.
Throughout the report it emphasizes the company's close ties to the Colombian Government and Ecopetrol's strategic role in the country.
Fitch also notes that Ecopetrol's stand-alone rating is the best among its Latin American peers such as Petrobras and Pemex, thus confirming its strength.
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 & 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 further information contact:
Capital Markets Manager
Media Relations (Colombia)
SOURCE Ecopetrol S.A.