S&P Global Ratings Affirms Ecopetrol’s Credit Ratings

S&P Global Ratings has affirmed Ecopetrol's global credit rating at BB- with a stable outlook and its Stand-Alone Credit Profile (SACP) at bb+. The affirmation is supported by Ecopetrol's strengthened liquidity, including a committed credit facility of approximately USD 190 million and successful refinancing of short-term debt. The company has also benefited from higher operating cash flows. S&P expects Ecopetrol to maintain solid leverage metrics, with an adjusted net debt-to-EBITDA ratio near 2.0x in the coming years, driven by favorable pricing and limited near-term debt increases. The stable outlook is linked to Colombia's sovereign rating, reflecting Ecopetrol's significant role in the Colombian economy and its relationship with the government. S&P highlighted Ecopetrol's importance to the Colombian economy and its close ties to the government, noting that the company's rating is capped by the sovereign rating.