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Ecopetrol is suffering from deteriorating corporate governance while the petroleum giant is led by Colombian President Gustavo Petro's political campaign manager.

The ratings agency noted ISA's low business risk profile, manageable regulatory risk, and indebtedness that matches expectations, among other factors.

Inflation seeks to be the highest in Colombia since 1999 based on DANE statistics.

Besides Colombia. Ecopetrol has assets in the US, Brazil, México, Chile, Peru, Bolivia and Chile.

4th quarter consolidated revenue amounted to COP 31.8 trillion, net income of COP 6.1 trillion, and EBITDA of COP 14.0 trillion with an EBITDA margin of 44%

With the culmination of the purchase of a controlling 51.4% stake in Interconexión Eléctrica ("ISA"), the quarterly figures include the consolidated results of this subsidiary for one month.

S&P left Ecopetrol's individual standalone credit rating at 'bbb- ' with stable outlook, the company announced last week, after its acquisition of electrical grid operator ISA.

Colombia's "Comité Nacional de Paro," a coalition of labor unions and syndicalist groups has called for national strikes in Colombia for the 2nd time this year, after the government released a revised fiscal package.

Colombian oil producer Ecopetrol has signed an agreement to purchase the Ministry of Finance & Public Credit's (Minhacienda) share of electrical grid operator Interconectado Eléctrica SA, or ISA.

The sovereign downgrade reflects the deterioration of the public finances with large fiscal deficits in 2020-2022, a rising government debt level, and reduced confidence around the capacity of the government to credibly place debt on a downward path in the coming years.