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Ecopetrol faces a $30 billion USD debt and a looming national strike as the labor union demands the removal of President Ricardo Roa.

The number of defaults in 2020 is on pace to exceed that of 2019 with indications there will be more to follow, given 6 group-level defaults YTD compared with 6 in all of 2019, and the high number of ratings at ‘CCC’ or below categories.