Fitch Ratings maintains Ecopetrol's overall credit rating at BB+ and stable outlook.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 08 2024
0mins
Should l Buy EC?
Source: PRnewswire
Credit Rating Update: Fitch Ratings has maintained Ecopetrol's global credit rating at BB+ with a stable outlook, while downgrading its Standalone Credit Profile from 'bbb' to 'bbb-' but affirming national ratings at 'AAA (col)' and 'F1+(col)'.
Company Overview: Ecopetrol is Colombia's largest company, responsible for over 60% of the country's hydrocarbon production, and has significant operations in energy transmission across Latin America, including strategic interests in the U.S., Brazil, Chile, Peru, and Bolivia.
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Analyst Views on EC
Wall Street analysts forecast EC stock price to fall
2 Analyst Rating
0 Buy
1 Hold
1 Sell
Moderate Sell
Current: 13.000
Low
8.70
Averages
10.35
High
12.00
Current: 13.000
Low
8.70
Averages
10.35
High
12.00
About EC
Ecopetrol S.A. is an oil company. The Company operates in Colombia, Peru, Brazil and the United States Gulf Coast. The Company's segments include Exploration and Production, Transportation and Logistics, and Refining, Petrochemicals and Biofuels. The Company's Exploration and Production segment includes exploration, development and production activities in Colombia and abroad. The Company's Transportation and Logistics segment includes the transportation of crude oil, motor fuels, fuel oil and other refined products, including diesel and biofuels. The Company's main crude oil pipeline systems' operating capacity is approximately 1.34 million barrels per day (BPD). The Company's main refineries are the Barrancabermeja refinery, which it directly owns and operates, and a refinery in the Free Trade Zone in Cartagena that is operated by Reficar S.A., a subsidiary of the Company. The Company also owns and operates two other minor refineries: Orito and Apiay.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Baseline Credit Assessment Affirmed: Despite the downgrade, Moody's affirmed Ecopetrol's Baseline Credit Assessment (BCA) at b1, reflecting the company's strategic role in Colombia's energy supply and strong liquidity support.
- Governance Structure Impact: Moody's noted that Ecopetrol's corporate governance could influence its credit rating, particularly amid reduced clarity on government intervention and support mechanisms, potentially leading to increased refinancing risks.
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- Industry Leadership Position: As the largest company in Colombia, Ecopetrol is responsible for over 60% of the country's hydrocarbon production, solidifying its dominant position in transportation, logistics, and refining systems, showcasing its significant influence in the energy sector.
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- Baseline Credit Assessment Affirmed: Despite the downgrade, Moody's affirmed Ecopetrol's Baseline Credit Assessment (BCA) at b1, reflecting the company's intrinsic strength as Colombia's leading integrated energy firm, which supports its competitive position in the market.
- Governance Risk Considerations: Moody's included considerations of corporate governance issues in the rating, highlighting potential government interference and uncertainties regarding the timeliness and predictability of support mechanisms related to the Fuel Price Stabilization Fund (FEPC), which may increase refinancing risks for the company.
- Strong Liquidity Position: Despite the downgrade, Moody's emphasized that Ecopetrol has strong sources of liquidity that support its financial profile, ensuring the company's strategic role in Colombia's energy supply.
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- Annual Report Release: Ecopetrol has published its Year-End Periodic Report for 2025 in compliance with external circulars from the Colombian Superintendence of Finance, covering the company's financial, operational, governance, social, and environmental performance, ensuring transparency and regulatory compliance.
- Financial Transparency Assurance: The report includes a certification from the legal representative confirming that the financial statements disclosed for 2025 are free from defects, thereby ensuring investors have a true understanding of Ecopetrol's financial condition and enhancing market trust.
- Industry Leadership Position: As the largest company in Colombia, Ecopetrol is responsible for over 60% of hydrocarbon production, holding a significant position in the energy market across the Americas, demonstrating its strong influence in the industry.
- International Business Expansion: The company engages in drilling and exploration in the U.S., Brazil, and Mexico, and through ISA and its subsidiaries, it holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, further solidifying its competitive edge in international markets.
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- Financial Compliance: The report includes a detailed description of the company's business and risk factors, with financial statements audited by Deloitte and Ernst & Young, ensuring compliance with IFRS, which will enhance the company's credibility in international markets.
- Market Position: As Colombia's largest company, Ecopetrol accounts for over 60% of hydrocarbon production, holding a significant position in the energy market across the Americas, demonstrating its strong influence and leadership in the energy sector.
- International Business Expansion: Ecopetrol's drilling and exploration operations in the U.S., Brazil, and Mexico, along with its power transmission business in Brazil, Chile, Peru, and Bolivia, further solidify its strategic positioning and growth potential in international markets.
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- Trump's Recent Talks: Donald Trump has engaged in discussions regarding Iran over the past 24 hours.
- Focus on Iran: The conversations have been characterized as very positive, indicating a potential shift in diplomatic relations.
See More
Moody's Downgrades Ecopetrol's Credit Rating
- Credit Rating Downgrade: Moody's downgraded Ecopetrol's global credit rating from Ba1 to Ba2 and revised the outlook to negative, primarily due to a less favorable view on government support, which could impact the company's financing costs and market confidence.
- Baseline Credit Assessment Affirmed: Despite the downgrade, Moody's affirmed Ecopetrol's Baseline Credit Assessment (BCA) at b1, reflecting the company's strategic role in Colombia's energy supply and strong liquidity support.
- Governance Structure Impact: Moody's noted that Ecopetrol's corporate governance could influence its credit rating, particularly amid reduced clarity on government intervention and support mechanisms, potentially leading to increased refinancing risks.
- Strong Market Position: As Colombia's largest integrated energy company, Ecopetrol accounts for over 60% of hydrocarbon production and holds significant exploration and development operations in strategic basins across the Americas, underscoring its leadership in the industry.
See More
Ecopetrol Releases Year-End Report for 2025
- Annual Report Release: Ecopetrol has published its Year-End Periodic Report for 2025 in compliance with External Circulars from the Colombian Superintendence of Finance, providing comprehensive insights into the company's financial, operational, governance, social, and environmental performance, thereby ensuring transparency and regulatory compliance.
- Financial Transparency Assurance: The report includes a certification from the legal representative confirming that the financial statements disclosed for 2025 are free from defects and inaccuracies, which enhances investor confidence in the company's financial condition and promotes market stability.
- Industry Leadership Position: As the largest company in Colombia, Ecopetrol is responsible for over 60% of the country's hydrocarbon production, solidifying its dominant position in transportation, logistics, and refining systems, showcasing its significant influence in the energy sector.
- International Business Expansion: Ecopetrol's drilling and exploration operations in strategic basins across the U.S., Brazil, and Mexico further strengthen its position as an integrated energy company in the Americas, driving growth potential in international markets.
See More
Moody's Downgrades Ecopetrol's Credit Rating
- Credit Rating Downgrade: Moody's has downgraded Ecopetrol's global credit rating from Ba1 to Ba2 and revised the outlook from stable to negative, primarily due to a less favorable view on government support, which may impact the company's financing capabilities.
- Baseline Credit Assessment Affirmed: Despite the downgrade, Moody's affirmed Ecopetrol's Baseline Credit Assessment (BCA) at b1, reflecting the company's intrinsic strength as Colombia's leading integrated energy firm, which supports its competitive position in the market.
- Governance Risk Considerations: Moody's included considerations of corporate governance issues in the rating, highlighting potential government interference and uncertainties regarding the timeliness and predictability of support mechanisms related to the Fuel Price Stabilization Fund (FEPC), which may increase refinancing risks for the company.
- Strong Liquidity Position: Despite the downgrade, Moody's emphasized that Ecopetrol has strong sources of liquidity that support its financial profile, ensuring the company's strategic role in Colombia's energy supply.
See More
Ecopetrol Releases Year-End Report for 2025
- Annual Report Release: Ecopetrol has published its Year-End Periodic Report for 2025 in compliance with external circulars from the Colombian Superintendence of Finance, covering the company's financial, operational, governance, social, and environmental performance, ensuring transparency and regulatory compliance.
- Financial Transparency Assurance: The report includes a certification from the legal representative confirming that the financial statements disclosed for 2025 are free from defects, thereby ensuring investors have a true understanding of Ecopetrol's financial condition and enhancing market trust.
- Industry Leadership Position: As the largest company in Colombia, Ecopetrol is responsible for over 60% of hydrocarbon production, holding a significant position in the energy market across the Americas, demonstrating its strong influence in the industry.
- International Business Expansion: The company engages in drilling and exploration in the U.S., Brazil, and Mexico, and through ISA and its subsidiaries, it holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, further solidifying its competitive edge in international markets.
See More
Ecopetrol Files Annual Report on Form 20-F for 2025
- Annual Report Filing: On April 30, 2026, Ecopetrol filed its Form 20-F for the fiscal year 2025 with the SEC, fulfilling its reporting obligations and enhancing investor confidence through improved market transparency.
- Financial Compliance: The report includes a detailed description of the company's business and risk factors, with financial statements audited by Deloitte and Ernst & Young, ensuring compliance with IFRS, which will enhance the company's credibility in international markets.
- Market Position: As Colombia's largest company, Ecopetrol accounts for over 60% of hydrocarbon production, holding a significant position in the energy market across the Americas, demonstrating its strong influence and leadership in the energy sector.
- International Business Expansion: Ecopetrol's drilling and exploration operations in the U.S., Brazil, and Mexico, along with its power transmission business in Brazil, Chile, Peru, and Bolivia, further solidify its strategic positioning and growth potential in international markets.
See More
