Fitch: Ecopetrol outlook positive

Fitch Ratings said it revised Ecopetrol SA's outlook to positive from stable. Its foreign- and local-currency issuer default ratings remain BB+ and BBB-, respectively.

The outlook revision follows the revision of the outlook on Colombia's sovereign ratings to positive, which Fitch said reflects the country's economic resilience and improved macroeconomic performance in relation to its peers.

The agency said Ecopetrol's ratings reflect its close linkage with the Republic of Colombia, strong financial profile, improving production capacity and adequate reserve levels.

At the same time, Fitch considers Ecopetrol's growth strategy and associated capital investment to be aggressive.

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