Moody's Affirms Ecopetrol's Global and Standalone Credit Ratings
Ecopetrol (NYSE: EC), Colombia's largest integrated energy company, received confirmation of its Ba1 global credit rating with a stable outlook from Moody's. The agency also affirmed the company's standalone rating at b1.
The Ba1 rating, which sits three notches above the standalone rating, reflects Ecopetrol's dominant position as Colombia's leading oil and gas producer and its significant power transmission business. The rating is supported by the Colombian government's backing through fuel subsidy phase-outs and reduced accounts receivable from the Fuel Price Stabilization Fund (FEPC). Notably, the company's power transmission subsidiary (ISA) and midstream affiliates contributed 18% to EBITDA in 2024.
Ecopetrol (NYSE: EC), la più grande compagnia energetica integrata della Colombia, ha ricevuto la conferma del suo rating globale Ba1 con outlook stabile da Moody's. L'agenzia ha inoltre confermato il rating standalone della società a b1.
Il rating Ba1, che si trova tre livelli sopra il rating standalone, riflette la posizione dominante di Ecopetrol come principale produttore di petrolio e gas della Colombia e il suo importante business nella trasmissione di energia elettrica. Il rating è sostenuto dal supporto del governo colombiano tramite la progressiva eliminazione dei sussidi sui carburanti e la riduzione dei crediti verso il Fondo di Stabilizzazione dei Prezzi dei Carburanti (FEPC). In particolare, la controllata nel settore della trasmissione elettrica (ISA) e le affiliate midstream hanno contribuito per il 18% all'EBITDA nel 2024.
Ecopetrol (NYSE: EC), la mayor empresa energética integrada de Colombia, recibió la confirmación de su calificación crediticia global Ba1 con perspectiva estable por parte de Moody's. La agencia también reafirmó la calificación independiente de la compañía en b1.
La calificación Ba1, que está tres niveles por encima de la calificación independiente, refleja la posición dominante de Ecopetrol como principal productor de petróleo y gas en Colombia y su importante negocio de transmisión eléctrica. La calificación cuenta con el respaldo del gobierno colombiano a través de la eliminación progresiva de subsidios a los combustibles y la reducción de cuentas por cobrar del Fondo de Estabilización de Precios de los Combustibles (FEPC). Cabe destacar que la filial de transmisión eléctrica de la compañía (ISA) y las afiliadas midstream aportaron el 18% al EBITDA en 2024.
Ecopetrol (NYSE: EC)은 콜롬비아 최대의 통합 에너지 기업으로 Moody's로부터 Ba1 글로벌 신용등급과 안정적인 전망을 확인받았습니다. 또한 Moody's는 회사의 독자 신용등급을 b1으로 유지했습니다.
Ba1 등급은 독자 등급보다 세 단계 높은 등급으로, Ecopetrol이 콜롬비아 내 선도적인 석유 및 가스 생산업체이며 중요한 전력 송전 사업을 영위하고 있음을 반영합니다. 이 등급은 연료 보조금 단계적 폐지와 연료가격안정기금(FEPC)으로부터의 미수금 감소를 통한 콜롬비아 정부의 지원에 힘입은 것입니다. 특히, 회사의 전력 송전 자회사(ISA)와 미드스트림 계열사가 2024년 EBITDA의 18%를 기여했습니다.
Ecopetrol (NYSE : EC), la plus grande entreprise énergétique intégrée de Colombie, a reçu la confirmation de sa note de crédit globale Ba1 avec perspective stable de la part de Moody's. L'agence a également confirmé la note autonome de la société à b1.
La note Ba1, qui se situe trois crans au-dessus de la note autonome, reflète la position dominante d'Ecopetrol en tant que principal producteur de pétrole et de gaz en Colombie ainsi que son activité importante dans la transmission d'électricité. Cette note est soutenue par l'appui du gouvernement colombien via la suppression progressive des subventions aux carburants et la réduction des créances du Fonds de Stabilisation des Prix des Carburants (FEPC). Il est à noter que la filiale de transmission électrique de la société (ISA) et ses affiliés midstream ont contribué à hauteur de 18 % de l'EBITDA en 2024.
Ecopetrol (NYSE: EC), Kolumbiens größtes integriertes Energieunternehmen, erhielt von Moody's die Bestätigung seines globalen Kreditratings Ba1 mit stabilem Ausblick. Die Agentur bestätigte zudem das eigenständige Rating des Unternehmens mit b1.
Das Ba1-Rating, das drei Stufen über dem eigenständigen Rating liegt, spiegelt Ecopetrols dominierende Position als führender Öl- und Gasproduzent Kolumbiens sowie sein bedeutendes Stromübertragungsgeschäft wider. Das Rating wird durch die Unterstützung der kolumbianischen Regierung gestützt, insbesondere durch den schrittweisen Abbau von Kraftstoffsubventionen und die Verringerung der Forderungen aus dem Kraftstoffpreis-Stabilisierungsfonds (FEPC). Bemerkenswert ist, dass die Stromübertragungstochtergesellschaft (ISA) und die Midstream-Beteiligungen des Unternehmens 18 % zum EBITDA im Jahr 2024 beitrugen.
- Affirmation of Ba1 global credit rating with stable outlook
- Strong government support through fuel subsidy phase-outs
- Reduction in accounts receivable from Fuel Price Stabilization Fund
- Diversified revenue stream with 18% EBITDA contribution from power transmission and midstream operations
- Leading market position with 60% of Colombia's hydrocarbon production
- Standalone rating (b1) remains three notches below global rating, indicating dependency on government support
- Exposure to oil & gas market price volatility
Insights
Moody's affirmation of Ecopetrol's Ba1 rating with stable outlook confirms solid financial position despite standalone limitations.
Moody's affirmation of Ecopetrol's Ba1 global credit rating with a stable outlook alongside its b1 standalone rating reveals important nuances about the company's credit profile. The three-notch differential between these ratings highlights the significant government support factor in Ecopetrol's overall creditworthiness.
The Colombian government's backing manifests through two concrete mechanisms: the gradual elimination of fuel subsidies and the reduction in accounts receivable related to the Fuel Price Stabilization Fund (FEPC). These policy actions have tangibly improved Ecopetrol's liquidity position, demonstrating the government's commitment to supporting the company's financial health.
On standalone fundamentals, Moody's highlights the company's diversified revenue streams as a key credit strength. The 18% EBITDA contribution from power transmission subsidiary ISA and midstream affiliates in 2024 provides important cash flow stability, partially insulating Ecopetrol from oil price volatility.
The Ba1 rating (one notch below investment grade) reflects Ecopetrol's dominant position in Colombia's oil and gas sector and its strategic expansion into power transmission across Latin America. This diversification strategy improves business resilience while maintaining the company's core hydrocarbon operations, where it controls over 60% of Colombia's production.
For investors, this rating affirmation signals stability in Ecopetrol's credit profile, suggesting manageable debt servicing capacity and sufficient financial flexibility to maintain operations and strategic investments despite not yet achieving investment-grade status.
Moody's stated that the Ba1 global rating reflects Ecopetrol's position as
The aforementioned factors support a global rating that is three notches above the Company's standalone rating, including the backing of the Colombian government through the gradual phase-out of fuel subsidies, as well as the reduction in accounts receivable related to the Fuel Price Stabilization Fund (FEPC), both of which have contributed to strengthening the Company's liquidity.
Regarding the standalone rating, Moody's highlighted the strength and stability of the Company's cash flow, further supported by its power transmission subsidiary (ISA) and midstream affiliates, which together contributed
The report issued by the rating agency on June 27, 2025, announcing the rating affirmation, can be accessed in the link below:
https://www.moodys.com/research/docid--PR_509243
Ecopetrol is the largest company in
This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the
For more information, please contact:
Head of Capital Markets
Carolina Tovar Aragón
Email: investors@ecopetrol.com.co
Head of Corporate Communications (
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co
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SOURCE Ecopetrol S.A.
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