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The acquisition allowed OCENSA to invest its excess cash in an asset that Fitch expects to generate stable, permanent dividend cash flows for the company.

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

S&P says it may downgrade these companies in case of a similar rating action on Colombia. The firm could lower the sovereign ratings if the potential long-term damage caused by the pandemic, other domestic developments, or new external shocks, prevent the Colombian economy from...

The rating downgrades of Ecopetrol, OCENSA and A.I. Candelaria reflect the direct and indirect linkage of these companies to the Sovereign Rating downgrade of Colombia, which Fitch downgraded to 'BBB-' from 'BBB'. The ratings for Emgesa, Isagen and UNE EPM Telecomunicaciones have...