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
Telephone: +571-234-5190
Email: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge Mauricio
Tellez
Telephone: +571-234-4329
Email: mauricio.tellez@ecopetrol.com.co
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SOURCE Ecopetrol S.A.