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"Bogota's ratings reflect its solid operating performance and its manageable debt levels,” said Fitch Ratings.

Moody's cited Ecopetrol's "improving credit metrics and strong liquidity," but recognized the remaining risk associated with its low 6.7 years of reserve life.

The upgrade reflects optimism surrounding EPM's Ituango hydroelectric plant, which is reportedly about two-thirds complete.

Finance Minister Mauricio Cardenas says the overhaul "is a difficult measure that will require a large sacrifice of all Colombians — but it is necessary."