BOGOTA, Colombia, Dec. 18, 2015 /CNW/ -- Ecopetrol S.A. (BVC:
ECOPETROL; NYSE: EC; TSX: ECP) reports that the credit rating
agency Fitch Ratings has affirmed Ecopetrol S.A.'s foreign and
local currency credit 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 credit ratings is stable.
According to Fitch, "Ecopetrol's ratings reflect its
close linkage with the Republic of Colombia, which owns
88.5% of the company, due to its
strategic importance to the
country."
In the report, Fitch also highlights the financial strength of
Ecopetrol, stating that "Ecopetrol's reserves, stable
production levels, competitive cost structure 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may be revised or withdrawn by the rating agency at any time.
Ecopetrol is the largest company in Colombia and is an integrated oil & gas
company; it is among the top 50 oil companies in the world and
among the four top 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).
Ecopetrol owns the largest refinery in Colombia and 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
& gas, our exploration and production activities, market
conditions, applicable regulations, the exchange rate, the
Company'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
María
Catalina Escobar
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.