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

ISA operates in Colombia, Brazil, Chile, and Peru. Taesa and Alupar focus on Brazil, impacted by the country's 'BB+' ceiling.

EPM expressed unease after learning that Carrillo had received one of the lowest scores in the selection process for the role.

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.