S&P affirms Ecopetrol

Standard & Poor's said that it affirmed Ecopetrol SA's BB+ corporate credit rating.

The outlook remains positive.

The rating reflects the company's stand-alone credit profile, the high likelihood that the government of the Republic of Colombia would provide timely and sufficient support to Ecopetrol in the event of financial distress, the company's leading position in Colombia's oil and gas industry, its low production costs and its proven access to capital markets, S&P said.

The rating is constrained by Ecopetrol's exposure to commodity price volatility and aggressive expansion plans, the agency said.

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