Fitch Rates Ecopetrol's Senior Notes 'BB+'
Fitch Ratings release
Fitch Ratings - New York/Bogota - 10 Jan 2023: Fitch Ratings has assigned a 'BB+' rating to Ecopetrol S.A.'s new issuance of up to USD2.0 billion senior unsecured notes due 2033.
The proceeds of the notes will be used to prepay USD472 million of the outstanding principal amount of the loan entered in 2021 to finance the acquisition of Interconexion Electrica S.A. E.S.P. (ISA: BBB/Stable), and for general corporate purposes, including financing the company's investment plan for 2023.
Ecopetrol S.A.'s ratings reflect the close linkage with the Republic of Colombia (BB+/Stable), which owns 88.5% of the company. Ecopetrol's ratings also reflect the company's strategic importance for the country, as well as its ability to maintain a solid financial profile.
The complete release is available here.
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