S&P rates Ecopetrol notes BBB

Standard & Poor's said it assigned a BBB foreign-currency rating to Ecopetrol SA's senior unsecured notes for up to $2 billion due 2044.

The proceeds will be used to fund the company's capital expenditures and for general corporate purposes.

The ratings reflect the very high likelihood that the government of Colombia will provide timely and sufficient extraordinary support, S&P said.

Ecopetrol's plays a 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, the agency said.

The government has controlling ownership and strategic oversight despite the company's clear corporate governance and independent management team, S&P said.

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