Fitch assigns BB+ to Ecopetrol notes

Fitch Ratings said it assigned a BB+ rating to Ecopetrol SA's new issuance of up to $2 billion in senior unsecured notes due 2033.

The rating reflects its close linkage with 88.5% owner, the Republic of Colombia, which is rated BB+, the agency said. It also affirmed the issuer’s BB+ ratings on Nov. 17.

The proceeds will be used to prepay $472 million of the outstanding principal amount of the loan entered in 2021 to finance the acquisition of Interconexion Electrica SA ESP and for general corporate purposes, including financing the company's investment plan for 2023.

The outlook is stable.

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