...Fitch Ratings affirmed Ecopetrol S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at `BBB'. The Outlook is Negative. Fitch also affirmed the company's National Long- and Short-Term Ratings at `AAA(col)'/`F1+(col)'. The Rating Outlook for the National Long-Term Rating is Stable. Ecopetrol's ratings reflect its close linkage with the Republic of Colombia (BBB/Negative), which owns 88.5% of the company. Ecopetrol's ratings also reflect the company's strategic importance for the country as well as its ability to maintain a solid financial profile despite the decline in hydrocarbon prices. Ecopetrol's growth strategy and associated capex plan are considered adequate for the company's credit quality and cash flow generation ability. Fitch expects to maintain a financial and credit profile supportive of its standalone credit profile (SCP), which in Fitch's view is commensurate with a `bbb'. The SCP assumes the company is not owned by Colombia and that it will not receive...
