BOGOTA, Colombia, June 28, 2011 /PRNewswire/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) ("Ecopetrol" or the "Company") announced that the risk rating agency Fitch has upgraded Ecopetrol S.A.'s foreign and local currency Issuer Default Ratings (IDRs) to 'BBB-' and 'BBB', respectively, from 'BB+' and 'BBB-'. This rating action affects approximately USD 1.5 billion of debt due 2019. The rating outlook is stable.
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The investment grade rating assigned to Ecopetrol by Fitch is in line with the June 22 decision by the agency to increase the Republic of Colombia's foreign and local rating to 'BBB-' and 'BBB' respectively.
According to the Fitch report, Ecopetrol's ratings reflect its strong financial profile, improving production capacity, and adequate reserve levels. Ecopetrol's growth strategy and associated capital investment are considered aggressive according to Fitch. Fitch's report also states that the Company's ratings reflect the close linkage with the Republic of Colombia, which currently owns 89.9% of the Company.
The news release is available on the website www.ecopetrol.com.co .
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 40 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and it is entering into the biofuels business.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.
Contact us for any additional information:
Investor Relations
Alejandro Giraldo
Phone: +571-234-5190
Email: investors@ecopetrol.com.co
Media Relations (Colombia)
Mauricio Tellez
Phone: + 571-2345377
Fax: +571-2344480
Email: mtellez@ecopetrol.com.co
Website: www.ecopetrol.com.co
SOURCE Ecopetrol S.A.
