BOGOTÁ, Colombia, Dec. 6, 2018 /PRNewswire/ -- Ecopetrol S.A. (BVC:
ECOPETROL; NYSE: EC) announces that the risk-rating agency Fitch
Ratings has upgraded the Company's stand-alone credit profile to
BBB, from its previous level of BBB-. Fitch also confirmed the
Company's rating at BBB (stable outlook).
The increase in the stand-alone credit profile is a recognition
of the Company's stable operating performance, the soundness of its
business plan, its solid financial profile achieved through its
debt management strategy and the reasonableness of the dividend
policy it has implemented.
In the press release, Fitch highlighted the strengthening of the
Company's credit profile, with Gross Debt/EBITDA of 1.3x at the end
of the third quarter of 2018, and a debt to reserves ratio of
8 dollars per barrel, indicators that
have improved over the past two years.
The rating agency also highlighted the Company's positive
liquidity levels, given the total cash reported at the close of
September of this year and the new contingent line of credit for
USD 665 million signed with
Scotiabank and Mizuho.
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 Capital Markets
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.