Fitch Ratings upgrades Ecopetrol S.A.'s stand-alone credit profile and confirms its investment grade rating
BOGOTÁ, Colombia, Dec. 6, 2018 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces that the risk-rating agency Fitch Ratings has upgraded the Company's stand-alone credit profile to BBB, from its previous level of BBB-. Fitch also confirmed the Company's rating at BBB (stable outlook).
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The increase in the stand-alone credit profile is a recognition of the Company's stable operating performance, the soundness of its business plan, its solid financial profile achieved through its debt management strategy and the reasonableness of the dividend policy it has implemented.
In the press release, Fitch highlighted the strengthening of the Company's credit profile, with Gross Debt/EBITDA of 1.3x at the end of the third quarter of 2018, and a debt to reserves ratio of 8 dollars per barrel, indicators that have improved over the past two years.
The rating agency also highlighted the Company's positive liquidity levels, given the total cash reported at the close of September of this year and the new contingent line of credit for USD 665 million signed with Scotiabank and Mizuho.
This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements.
For further information, please contact:
Head of Capital Markets
María Catalina Escobar
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co
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SOURCE Ecopetrol S.A.
