CPI may yet go higher, obviously not to those seen on the streets of Caracas or Buenos Aires, but only Chile (13.3%) amongst the mainstream Latam economies has higher inflation.
Fitch highlighted the company's linkage to the Republic of Colombia, which currently owns 88.5% of the voting shares, as well as the strategic importance of the company for the country.
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.