S&P Global Ratings Affirms Ecopetrol’s BB+ Rating but Drops Outlook from Stable to Negative

S&P Global Ratings has modified its outlook of the credit rating for Ecopetrol S.A. (BVC: ECOPETROL) (NYSE: EC) from stable to negative, a determination tied to the drop in the big three rating agency’s outlook of Colombia’s credit rating from stable to negative.

Despite the outlook shift, the New York-based firm has maintained Ecopetrol’s global rating at BB+ and ratified its independent credit profile (Stand-Alone) with investment grade at bbb-, while noting that a review of Ecopetrol’s independent profile is not expected during the next 12 months.

In a statement about the outlook shift, Ecopetrol highlighted that “S&P has stated that Ecopetrol will continue to play an important role in the Colombian economy, and given the government’s participation in the company, its rating will correlate to that of Colombia.”

Photo: Campo Recetor Oilfield in Casanare, Colombia. (Credit Ecopetrol)