BOGOTÁ, Colombia, July 16, 2018 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that the risk-rating agency Moody's increased Ecopetrol's baseline credit assessment (BCA) two notches, to ba1 from ba3.
Moody's notes that the higher BCA was due to the Company's solid metrics and progress in its strategy of growth and adding to reserves, with a reserves replacement index of 126% at the end of 2017. In the press release, Moody's highlighted the Company's four areas of growth:
- Implementation of improved recovery and infill projects.
- Assessment of opportunities in non-conventional deposits.
- Inorganic growth leveraged on its strong cash position.
The rating agency noted the Company's solid liquidity and the management team's commitment to protecting credit metrics. It maintained the Company's rating at Baa3 with a stable outlook.
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 contact:
Capital Markets Manager (e)
Lina María Contreras
Media Relations (Colombia)
Jorge Mauricio Tellez
Telephone: + 571-234-4329