BOGOTA, Colombia, Dec. 12, 2013 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL;NYSE: EC; TSX: ECP) announces that Fitch Ratings, a credit rating agency, has upgraded its foreign and local currency ratings of Ecopetrol S.A. from BBB- and BBB to BBB and BBB+, respectively. Furthermore, both rating outlooks were revised to stable.
This upgrade is consistent with Fitch Ratings' upgrade on December 10 of Colombia's sovereign rating in foreign and local currency from BBB- and BBB to BBB and BBB+ respectively.
The complete report is available at www.fitchratings.com
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 50 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and is entering into the biofuels business.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.
SOURCE Ecopetrol S.A.