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The determination is tied to the drop in the big three rating agency's outlook of Colombia's credit rating from stable to negative.

FNG enjoys public backing and remains a "strategically important entity for the Colombian government," per Fitch Ratings.

"Recurring dividend flow will normalize from 2024 and continue to strengthen in the following years with the incorporation of higher dividends from Grupo de Inversiones Suramericana."

"Fitch does not anticipate a further impact on the bank's financial profile after the challenging operating environment from 2023," stated the ratings agency.

"Frontera's ratings and outlook reflect its small and concentrated production profile and weak proved developed producing reserve life of 2.6 years as of year-end 2022," stated Fitch.

"The increase in the stand-alone credit profile is a recognition of the company's stable operating performance," stated Ecopetrol.