Fitch rates Ecopetrol notes BB+

Fitch Ratings said it assigned a BB+ rating to Ecopetrol SA's new issuance of up to $1.85 billion of senior unsecured notes with a 12-year maturity.

“Ecopetrol SA's ratings reflect the close linkage with the Republic of Colombia (BB+/stable), which owns 88.5% of the company. Ecopetrol's ratings also reflect the company's strategic importance to the country, as well as its ability to maintain a solid financial profile,” Fitch said in a press release.

The proceeds of the notes will be used to repay $1.2 billion of the 2025 bonds and other non-investment expenses.

The outlook is stable.

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