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The action followed the recent revision of Colombia's sovereign outlook to negative.

The acquisition advances Ecopetrol’s decarbonization goals, targeting 900 MW of renewables by 2025 and diversifying its energy mix.

Retail gas prices surged in Colombia, with Vanti hiking Bogotá rates by 36% and EPM raising Medellín's by 21%.

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

"We were able to capture the profit coming from the higher international oil prices," said Ecopetrol CEO Felipe Bayón.

Ecopetrol says it may draw upon the credit line to strengthen its "liquidity position in the face of eventual growth opportunities" or "mitigate risks associated to unexpected fluctuations in crude prices."

Despite a major oil spill and below-target production, Ecopetrol reported its best quarterly results in four years amid higher oil prices.

The Colombian government, which owns the vast majority of Ecopetrol shares, will receive a dividend of $1.17 billion USD (3.2 trillion pesos).

Others with outlook drops include Seguros Generales Suramericana, Confianza, ISA, EPM, and Enel Americas.

Ecopetrol claimed proven reserves of 1.659 billion barrels of oil equivalent at the end of 2017, up from the 1.598 billion barrels in 2016.