S&P rates Ecopetrol notes BB+

S&P said it assigned a BB+ issue-level rating to Ecopetrol SA's $1.2 billion senior unsecured notes due Jan. 19, 2029.

Ecopetrol’s other ratings are unaffected by the company's reopening of its $2 billion of senior unsecured notes due 2033 by an added $300 million, the agency said.

“We view these transactions as credit-neutral based on our belief that the company will use the proceeds to finance its investment plan for growth. We maintain our forecast of adjusted debt-to-EBITDAX ratio below 2x in the next 12-18 months,” S&P said in a statement.

The outlook is stable.

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