BOGOTA, Colombia, June 22, 2015 /CNW/ -- Ecopetrol S.A. (BVC:
ECOPETROL; NYSE: EC; TSX: ECP) reports that the rating agency Fitch
Ratings has affirmed Ecopetrol S.A.'s foreign and local currency
Issuer Default Ratings at 'BBB' and 'BBB+', respectively.
Concurrently, Fitch has affirmed the company's national scale short
and long-term ratings of 'F1+(col) and 'AAA(col). The Rating
Outlook for all ratings is Stable.
According to Fitch, "Ecopetrol's ratings reflect its
strong financial profile and improving production levels.
Ecopetrol's recently revised growth strategy and associated capex
plan are considered adequate for the company's credit quality and
cash flow generation ability. Ecopetrol is expected to maintain a
financial and credit profile consistent with the assigned
rating."
In the report, Fitch mentions that, "Ecopetrol's
relatively sizable reserves, stable production levels and dominant
domestic market share allow the company to generate consistently
strong cash flows from operations and meet its obligations in a
timely manner."
The full report is available at www.fitchratings.com. A credit
rating is not a recommendation to buy, sell or hold securities and
may be revised or withdrawn by the rating agency at any time.
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Ecopetrol is the largest company in Colombia and is an integrated oil and gas
company; it is among the top 40 oil companies in the world and
among the top four oil companies in Latin
America. Besides Colombia –
where it generates over 60% of the national production – it has
exploration and production activities in Brazil, Peru,
the US (Gulf of Mexico) and
Angola. Ecopetrol owns the largest
refinery in Colombia, most of the
pipeline and multi-product pipeline network in the country, and is
significantly increasing its participation in bio-fuels.
This release contains statements that may be considered
forward looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933 and Section 21E of the U.S. Securities
Exchange Act of 1934. All forward-looking statements, whether made
in this release or in future filings or press releases or orally,
address matters that involve risks and uncertainties, including in
respect of the Company's prospects for growth and its ongoing
access to capital to fund the Company's business plan, among
others. Consequently, changes in the following factors, among
others, could cause actual results to differ materially from those
included in the forward-looking statements: market prices of oil
and gas, our exploration and production activities, market
conditions, applicable regulations, the exchange rate, Ecopetrol's
competitiveness and the performance of Colombia's economy and industry, to mention a
few. We do not intend, and do not assume any obligation to update
these forward-looking statements.
For further information, please contact:
Head of Corporate Finance and Investor Relations (a)
Maria Catalina Escobar Hoyos
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge Mauricio
Tellez
Phone: + 571-234-4329
e-mail: mauricio.tellez@ecopetrol.com.co
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SOURCE Ecopetrol S.A.