Fitch: Ecopetrol notes BBB

Fitch Ratings said it expects to assign a rating of BBB to Ecopetrol SA's proposed $2 billion senior unsecured issuance.

The proceeds will be used to finance its investment program, as well as for general corporate purposes, Fitch said.

The ratings reflect the company's close linkage with the Republic of Colombia, which currently owns 88.5% of the company, the agency said.

The ratings also reflect the company's strong financial profile and improving production levels, Fitch said.

Ecopetrol's growth strategy and associated capital investment are considered aggressive, the agency said.

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