Fitch rates Ocensa BBB

Fitch Ratings said it assigned first-time BBB long-term foreign-currency and local-currency issuer default ratings to Oleoducto Central SA (Ocensa).

The outlook is stable.

The ratings are linked to the credit profile of Ecopetrol, which indirectly owns 72.648% of Ocensa, Fitch explained.

The agency said it believes operational integration and strategic ties between both entities to be important enough to create economic incentives for Ecopetrol to effectively support Ocensa.

The ratings also consider the company's strong competitive position as the largest and reliable crude oil transportation company in Colombia, which gives them cost advantages over its main competitors, Fitch said.

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