Moody’s Cuts Ecopetrol Credit Rating to Ba2

Ecopetrol S.A. reports that Moody’s Ratings has downgraded its global credit rating from Ba1 to Ba2 and changed the outlook from stable to negative.

Rhea-AI Filing Summary

Ecopetrol S.A. reports that Moody’s Ratings has downgraded its global credit rating from Ba1 to Ba2 and changed the outlook from stable to negative. Moody’s kept Ecopetrol’s stand‑alone Baseline Credit Assessment (BCA) at b1, reflecting the company’s underlying business strength.

Moody’s cites a less favorable view of potential support from the Government of Colombia, including concerns about possible government interference and lower clarity around support mechanisms such as the Fuel Price Stabilization Fund. The agency also factors in possible higher refinancing risk if a material merger or acquisition were financed with short‑term debt, although it notes Ecopetrol’s strong liquidity and solid position as Colombia’s leading integrated oil and gas company.

Insights

Credit risk analyst

Moody’s downgrade raises Ecopetrol’s funding and risk profile concerns.

Moody’s cut Ecopetrol’s global rating from Ba1 to Ba2 and revised the outlook to negative, which typically signals higher perceived credit risk and may increase future borrowing costs. The move is driven mainly by a weaker assessment of potential support from the Government of Colombia.

The agency highlights uncertainty around government involvement and support mechanisms, including the Fuel Price Stabilization Fund, as well as possible higher refinancing risk if a sizeable acquisition is funded with short‑term debt. These factors weigh on the rating despite Ecopetrol’s strong liquidity and solid integrated energy business profile.

Moody’s affirmation of the stand‑alone BCA at b1 underscores that the underlying operating performance, diversification, and moderate leverage remain intact. Future rating direction will depend on government support dynamics, any large debt‑financed transactions, and how Ecopetrol maintains liquidity and leverage under these conditions.

Key Figures

Global credit rating: Ba2 Prior global credit rating: Ba1 Baseline Credit Assessment: b1 +3 more

6 metrics

Global credit rating Ba2 Moody’s global rating after downgrade from Ba1

Prior global credit rating Ba1 Moody’s previous rating before downgrade to Ba2

Baseline Credit Assessment b1 Stand-alone credit profile affirmed by Moody’s

Employees more than 19,000 Ecopetrol workforce size

ISA shareholding 51.4% Stake in ISA’s shares held by Ecopetrol

Hydrocarbon production share more than 60% Share of Colombia’s hydrocarbon production for which Ecopetrol is responsible

Key Terms

Baseline Credit Assessment (BCA), stand‑alone credit profile, Fuel Price Stabilization Fund (FEPC), refinancing risk, +1 more

5 terms

Baseline Credit Assessment (BCA) financial

"In contrast, the agency affirmed Ecopetrol’s Baseline Credit Assessment (BCA), or stand‑alone credit profile, at b1"

Baseline credit assessment (BCA) is an independent measure of an issuer’s fundamental ability to meet its financial obligations, excluding any potential external supports like government or parent-company help. It shows the issuer’s “stand-alone” credit strength — like a medical check-up that rates someone’s health before factoring in family help — and helps investors judge the true risk of lending to or owning the issuer and compare borrowers on a level playing field.

stand‑alone credit profile financial

"affirmed Ecopetrol’s Baseline Credit Assessment (BCA), or stand‑alone credit profile, at b1"

A stand‑alone credit profile is an assessment of an entity’s ability to meet its debts based only on its own financial strength and business risks, excluding any help from parents, partners or government backstops. For investors it shows the company’s intrinsic default risk—like a person’s credit score measured without a family member co‑signing—and helps predict borrowing costs, bond safety and true financial resilience.

Fuel Price Stabilization Fund (FEPC) financial

"particularly those related to the Fuel Price Stabilization Fund (FEPC)"

A fuel price stabilization fund is a government- or regulator-run pool of money that smooths sudden swings in fuel costs by subsidizing retail prices when wholesale fuel gets expensive and building reserves when prices fall. For investors, such a fund affects company margins, consumer spending, inflation and fiscal balances—so it can change profit forecasts, sector risk and stock valuations much like an emergency savings account cushions a household against unexpected bills.

refinancing risk financial

"possibility of higher refinancing risk associated to a potential material merger and acquisition transaction"

forward-looking statements regulatory

"This release contains statements that may be considered forward-looking statements within the meaning of Section 27A"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What change did Moody’s make to Ecopetrol (EC) credit rating?

Moody’s downgraded Ecopetrol’s global credit rating from Ba1 to Ba2 and revised the outlook from stable to negative. This indicates a higher perceived credit risk and may affect the company’s future borrowing conditions and investor perception of its debt.

Did Moody’s change Ecopetrol’s stand-alone Baseline Credit Assessment (BCA)?

Moody’s affirmed Ecopetrol’s stand-alone Baseline Credit Assessment at b1. This means the agency still views the company’s intrinsic business profile, diversification, leverage, and liquidity as solid, even though the overall global rating and outlook were weakened due to external support considerations.

Why did Moody’s downgrade Ecopetrol’s rating to Ba2 with a negative outlook?

Moody’s cites a less favorable view of potential support from the Government of Colombia, including perceived government interference and reduced clarity on mechanisms like the Fuel Price Stabilization Fund. It also notes possible higher refinancing risk if a material acquisition were financed with short‑term debt.

How did Moody’s view Ecopetrol’s liquidity and business profile after the downgrade?

Moody’s highlighted that Ecopetrol has strong sources of liquidity supporting its financial profile. It also emphasized the company’s solid business profile as Colombia’s leading integrated oil and gas company, with diversified operations, moderate leverage, adequate liquidity, and a key role in the country’s energy supply.

What role does the Government of Colombia play in Ecopetrol’s rating?

Moody’s downgrade reflects a less favorable assessment of potential government support for Ecopetrol. The agency pointed to increased perception of possible government interference and reduced clarity on the timeliness and predictability of support, particularly related to the Fuel Price Stabilization Fund mechanisms.

What potential risks related to mergers and acquisitions did Moody’s mention for Ecopetrol (EC)?

Moody’s incorporated the possibility of higher refinancing risk linked to any material merger or acquisition financed with short‑term debt. Such a transaction could increase Ecopetrol’s refinancing needs and weigh on its credit metrics, contributing to the Ba2 rating and negative outlook decision.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/24/2026 - 06:03 AM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April, 2026

Commission File Number 001-34175

ECOPETROL S.A.

(Exact name of registrant as specified in its charter)

N.A.

(Translation of registrant’s name into English)

COLOMBIA

(Jurisdiction of incorporation or organization)

Carrera 13 No. 36 – 24

BOGOTA D.C. – COLOMBIA

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x      Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)

Yes ¨      No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)

Yes ¨      No x

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨      No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Ecopetrol S.A.
	By:	/s/ Alfonso Camilo Barco
		Name:	Alfonso Camilo Barco
		Title:	Chief Financial Officer

Date: April 24, 2026

ECP-INFORMACION PUBLICA Moody’s Downgrades Ecopetrol’s Global Credit Rating to Ba2 and Affirms Its Stand‑Alone Credit Profile at b1 Bogota D.C., April 23, 2026 Ecopetrol S.A (BVC: ECOPETROL; NYSE: EC) hereby informs that today, the credit rating agency Moody’s Ratings downgraded the Company’s global credit rating from Ba1 to Ba2 and revised the outlook from stable to negative. In contrast, the agency affirmed Ecopetrol’s Baseline Credit Assessment (BCA), or stand‑alone credit profile, at b1, highlighting the Company’s intrinsic strength. According to Moody’s, the downgrade to Ba2 with a negative outlook is mainly driven by a less favorable view on the support from the Government of Colombia, stemming from an increased perception of potential government interference and reduced clarity regarding the timeliness and predictability of support mechanisms, particularly those related to the Fuel Price Stabilization Fund (FEPC). In this context, Moody’s also included considerations related to Ecopetrol’s corporate governance and its influence on the rating. Additionally, Moody’s incorporated the possibility of higher refinancing risk associated to a potential material merger and acquisition transaction financed with short‑term debt. Nevertheless, the agency highlighted that the Company has strong sources of liquidity that support its financial profile. Moody’s reaffirmed Ecopetrol’s stand‑alone credit profile (BCA) at b1, considering the Company’s solid business profile as Colombia’s leading integrated oil and gas company, supported by the diversification of its operations, moderate leverage levels, an adequate liquidity position, and its strategic role in ensuring the country’s energy supply. The complete report published by Moody’s is provided below.Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA’s shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company’s prospects for growth and its ongoing access to capital to fund the Company’s business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company’s competitiveness and the performance of Colombia’s economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.For more information, please contact: Investor Relations Office Email: investors@ecopetrol.com.co Head of Corporate Communications (Colombia) Marcela Ulloa Email: marcela.ulloa@ecopetrol.com.co

 

 

 

 

 

 

 

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