Moody's rates Oleoducto notes Baa3

Moody's Investors Service said it assigned a Baa3 senior unsecured rating to Oleoducto Central SA's (Ocensa) proposed senior notes issuance.

The notes will be senior unsecured debt obligations of Ocensa.

Proceeds will be used to finance Ocensa's investment in the $685 million Potencia 135 project, which is expected to come on-stream in 2015 and increase the company's oil transportation capacity by more than 20%.

The outlook is positive.

"Ocensa's Baa3 rating reflects its leading industry position in Colombia and strategic importance to Ecopetrol (Baa2 stable), the state oil company," Moody's vice president and senior credit officer Nymia Almeida said in a news release.

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