Fitch lifts Ecopetrol IDR view to positive

Fitch Ratings said it has revised the outlook of the long-term foreign currency issuer default rating (IDR) of Ecopetrol SA to positive from stable.

This rating action follows the recent revision in the outlook to positive from stable of the BB foreign currency IDR of the Republic of Colombia.

Fitch said Ecopetrol's IDR remain strongly linked with the credit profile of the Republic of Colombia.

The ratings of Ecopetrol are supported by a strong financial profile, sizable reserves, stable production levels and a dominant domestic market share, the agency said.

Fitch added that the ratings also reflect Ecopetrol's vulnerability to fluctuations in international commodity prices, declining reserves and tightening environmental regulations requiring material investment in downstream operations.

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