Fitch: Ecopetrol notes BBB

Fitch Ratings said it assigned a BBB rating to the $500 million re-opening of Ecopetrol SA’s 5 7/8% notes due in 2023.

The proceeds will be used from the proposed reopening for general corporate purposes, including capital expenditures, Fitch said.

The company has a BBB foreign-currency and BBB+ local-currency issuer default ratings with a stable outlook.

The ratings reflect the close linkage with the Republic of Colombia, which currently owns 88.5% of the company, Fitch said.

The ratings also consider the company’s strong financial profile and improving production levels, the agency said.

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