BOGOTÁ, Colombia, July 26,
2016 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC)
reports that the risk rating agency Fitch Ratings maintained
the rating of the Company at investment grade, with a rating of
BBB.
Given the Company's strategic link to the Republic of
Colombia, Fitch Ratings downgraded
the Company's outlook from stable to negative, in line with its
updated outlook for the Republic of Colombia (BBB, outlook negative), which was
published on July 22,
2016.
Furthermore, as a result of the revised methodology that Fitch
Ratings applies to all of the countries that it covers, which for
the Republic of Colombia resulted
in the equivalence of the country's external and internal ratings,
the international rating in local currency for Ecopetrol S.A. was
equal to the rating in foreign currency, with both remaining at
BBB.
Ecopetrol is the largest company in Colombia and is an integrated oil & gas
company; it is among the top 50 oil companies in the world and
among the four top ones 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).
Ecopetrol owns the largest refinery in Colombia and 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 concerning business
prospects, estimates of operating and financial results and
assertions concerning Ecopetrol's growth prospects. These are
all forward-looking statements, and as such, they are solely based
on management expectations with regard to the company's future
and its ongoing access to capital to fund the Company's business
plan. The fulfillment of such estimates in the future
depends on market conditions, regulations,
competition, and the performance of Colombia's economy and industry, among
other factors; therefore they are subject to change without prior
notice.
Manager of Corporate Finance and Investor Relations
(E)
Lina María Contreras
Mora
Phone: +571-234-5190
e-mail: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: + 571-234-4329
e-mail: mauricio.tellez@ecopetrol.com.co
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SOURCE Ecopetrol S.A.