S&P

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.