Fitch assigns Ecopetrol notes BB+

Fitch Ratings said it has assigned a BB+ rating to Ecopetrol SA's proposed issuance of at least $1 billion of senior unsecured notes due 2019.

Proceeds will be used for investments and general corporate purposes, the agency said, adding that Ecopetrol's ratings are linked with the credit profile of the Republic of Colombia (local and foreign currency ratings of BBB- and BB+, respectively), which owns 89.9% of the company's total capital.

According to Fitch, the company is also linked closely with the Colombian government through its exposure to changes in regulation and its receipt of subsidies from the central government in the past and potentially in the future.

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