Fitch rates Ecopetrol notes BBB-

Fitch Ratings said it assigned a BBB- rating to Ecopetrol SA's proposed senior unsecured note issuance of up to $2 billion.

The company expects to use proceeds to increase its liquidity position amidst the damage from the coronavirus as well as to repay upcoming maturities and for general corporate purposes, Fitch said.

Fitch rates Ecopetrol's foreign and local currency long-term issuer default ratings at BBB- with a negative outlook.

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