Moody’s downgrades Ecopetrol (NYSE: EC) to Ba2 with negative outlook
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.
Positive
- None.
Negative
- None.
Insights
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
Key Terms
Baseline Credit Assessment (BCA) financial
stand‑alone credit profile financial
Fuel Price Stabilization Fund (FEPC) financial
refinancing risk financial
forward-looking statements regulatory
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. |
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(Exact name of registrant as specified in its charter)
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| N.A. |
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(Translation of registrant’s name into English)
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| COLOMBIA |
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(Jurisdiction of incorporation or organization)
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| 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. | ||||
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By: |
/s/ Alfonso Camilo Barco | |||
| Name: |
Alfonso Camilo Barco |
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| 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
