Moody’s lifts Ecopetrol BCA

Moody’s Investors Service said it affirmed Ecopetrol SA's Baa3 senior unsecured ratings and upgraded the company's baseline credit assessment to ba1 from ba3.

The outlook is stable.

The agency said the upgrade is based on lower reserve replacement risk and solid credit metrics.

"The action was based on our belief that Ecopetrol will be able to maintain current reserve life at around seven years through a solid reserve replacement strategy and that its credit metrics will remain strong,” Nymia Almeida, senior vice president at Moody's, said in a news release.

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