S&P gives Ecopetrol notes BBB-

S&P assigned its BBB- issue-level rating to Ecopetrol SA's proposed up to $2 billion senior unsecured notes due 2030.

The said it expects the company to use the proceeds for general corporate purposes and maintain its strong liquidity.

“The rating on Ecopetrol reflects our view that there's a very high likelihood that the government of Colombia (foreign currency: BBB-/negative/A-3, local currency: BBB/negative/A-2) would provide timely and sufficient extraordinary support,” S&P said in a press release.

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