Standard & Poor’s has kept the international long term credit rating of Colombian petroleum company Ecopetrol S.A. (BVC: ECOPETROL; NYSE; EC) at BB+ and the individual standalone credit rating at ‘bbb- ‘ with stable outlook, the company announced last week, after its acquisition of electrical grid operator ISA.
The ratings agency highlighted the Ecopetrol’s strategic relevance for and the benefits of being an integrated business which has allowed the petroleum driller and refiner to capture opportunities along the value chain, despite the impacts of the COVID-19 pandemic. Furthermore, the rating agency referenced Ecopetrol’s solid financial position in the oil and gas industry with proven access to capital markets.
S&P also highlighted the company’s efforts to establish decarbonization goals and considers that ISA acquisition represents a substantial progress regarding the group’s energy transition allowing diversification towards a regulated and predictable business such as transmission.
At the international level, Ecopetrol focuses on strategic basins on the American continents, with E&P operations in (the Permian basin and the Gulf of ), and Mexico.
Above photo: Ecopetrol Huila colloidal dispersion gels injection plant (CDG) in its Dina Cretaceous field