S&P assigns Ecopetrol notes BBB

Standard & Poor's said it assigned its BBB foreign currency rating to Ecopetrol SA's senior unsecured notes of up to $2.5 billion in three tranches due 2018, 2023 and 2043.

The rating on the notes is based on the issuer credit rating on Ecopetrol.

The agency said the rating on Ecopetrol reflects, in turn, its opinion that there is a "very high" likelihood that the government of Colombia would provide timely and sufficient extraordinary support and the assessment of the company's bbb- stand-alone credit profile.

S&P's assessment of a "very high" likelihood of extraordinary support is primarily based on its assessment of Ecopetrol's very important role in Colombia, given its position as the largest company in the country and the main supplier of oil-derived products in the domestic market.

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