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S&P assigns BB+ to Ecopetrol notes
S&P said it assigned its BB+ issue rating to Ecopetrol SA's planned $1.85 billion senior unsecured notes due 2036.
The rating is in line with S&P’s ratings on Ecopetrol’s outstanding senior unsecured notes.
“We view the transaction as debt neutral because Ecopetrol will use the proceeds to repay the outstanding $1.2 billion 4 1/8% notes due Jan. 16, 2025, and finance expenditures outside the investment plan (including refinancing of other maturities). We maintain our forecast of an adjusted-debt-to-EBITDAX ratio below 2x in the next 12-18 months,” S&P said in a statement.
The outlook is stable.
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