Colombia

S&P Global Ratings downgraded Ecopetrol’s global credit rating to BB from BB+, mirroring Colombia’s sovereign rating cut. The outlook remains negative. Despite the downgrade, Ecopetrol’s Stand-Alone Credit Profile was affirmed at bb+. S&P cited Ecopetrol’s importance to national revenue and its role in the nation’s energy transition. The agency expects a leverage ratio between 2.0x and 2.5x and a 40% EBITDA margin. Ecopetrol’s 2040 strategy focusing on growth and diversification was also highlighted.

Ecopetrol S.A. is contesting a COP 1.0 trillion tax assessment related to gasoline imports in Colombia, with an additional COP 2.1 trillion in estimated interest. The Tax Authority demands corrections to customs declarations between 2022-2024. The refinery is challenging the assessment and has been paying VAT on gasoline/diesel imports since January 2025, while maintaining its right to challenge the interpretation. The company, a major energy player, also highlights its international presence and commitment to compliance.