BOGOTÁ, Colombia, Feb. 25, 2018 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL;NYSE: EC) reports that the risk-rating agency Moody's Investor Services has disclosed that the change in the Republic of Colombia's rating outlook, from stable to negative, had no effect on the Company's credit rating, as it anticipates continuously improving fundamental performance.
The rating was maintained at Baa3 with stable outlook, and an individual credit rating (BCA) of ba3. The agency notes that Ecopetrol has successfully reduced its operating costs, allowing it to increase its cash flow and reduce its debt. It also mentioned the Company's almost 130% reserves replacement achieved in 2017, and its improved fundamentals.
Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America. In addition to Colombia, where it generates over 60% of the country's production, it is active in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol operates the largest refinery in Colombia and most of the country's oil-pipeline and polyduct network, and is significantly increasing its share in bio-fuels.
This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects. All are projections, and therefore are based solely on management's expectations of the company's future and its continuous access to capital to finance the company's sales plan. Achieving these estimates in the future depends on its performance under given market conditions, regulations, competition, performance of the Colombian economy and industry, among other factors; therefore, they are subject to change without prior notice.
For further information, contact:
Capital Markets Manager
Maria Catalina Escobar
Media Relations (Colombia)
Jorge Mauricio Tellez
SOURCE Ecopetrol S.A.