Fitch affirms Ecopetrol

Fitch Ratings said it has affirmed Ecopetrol SA's local currency issuer default rating at BBB-, its foreign currency issuer default rating at BB+ and its $1.5 billion senior unsecured notes due 2019 at BB+.

The outlook is stable.

Fitch said that Ecopetrol maintains a strong financial profile. However, the company has an aggressive growth strategy and its operating metrics are below average, which constrain the company's rating levels.

Ecopetrol ratings are also linked to the credit profile of the Republic of Colombia, according to the agency.

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