S&P ups Ecopetrol to BBB

Standard & Poor's said it raised its long-term corporate credit and senior unsecured debt ratings on Ecopetrol SA to BBB from BBB-. The outlook is stable.

S&P said it upgraded Ecopetrol after it raised the foreign currency rating on Colombia to BBB from BBB-.

The ratings also reflect the company's stand-alone credit profile, which is at BBB-, and the agency's opinion that there is a very high likelihood that the government would provide timely and sufficient extraordinary support to Ecopetrol in the event of financial distress.

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