S&P rates Ecopetrol notes BB+

S&P said it rated Ecopetrol SA’s planned $2 billion of senior unsecured notes due 2033 BB+.

The agency affirmed the issuer’s BB+ ratings on June 29.

“We view the transaction as debt neutral because Ecopetrol will use the proceeds for general corporate purposes, including refinancing debt obligations. We forecast the company to maintain an adjusted debt-to-EBITDAX ratio below 2x in the next 12-18 months,” S&P said in a press release.

The outlook is stable.

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