FOREX TradingCharts.com

Financial News: ECOPETROL: Moody's Affirms Company's Baa3 Rating

ECOPETROL: Moody's Affirms Company's Baa3 Rating

09/24/2017 - 17:35:00 (RTTNews)

(RTTNews) - Moody's Investors Service on Friday affirmed Ecopetrol's ratings at Baa3 while raising its outlook to "stable" from "negative."

The move was based on lower reserve replacement risk, strong credit metrics and a limited downside risk due to the investigations on alleged irregularities at the Cartagena Refinery (Reficar), the credit risk rating agency said.

"The rating action was based on our view that, although Ecopetrol's 6.7 years of reserve life as of 2016 is low, its reserve replacement strategy is solid", said Nymia Almeida, a Senior Credit Officer in Moody's.

The rating was also based on Ecopetrol's solid balance sheet and management's commitment to protecting credit metrics, which supports its capital investment strategy.

Regarding the overbilling and irregularities allegations in Reficar, Moody's believes that the company's access to capital markets or its operations will not be significantly affected and it is unlikely that Ecopetrol will be fined by the authorities.

Moodys said that Ecopetrol's Baa3 ratings continue to reflect the company's status as Colombia's largest oil and gas producer, accounting for about two-thirds of the country's output and 100% of its oil products. The ratings also take into account Ecopetrol's solid and relatively stable cash flows.

Finally, the report noted that the stable rating outlook is based on Moody's vision that Ecopetrol will further reduce operating costs, increase the reserve replacement rate and at least maintain reserve life at current levels.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Existing Home Sales Unexpectedly Rebound In September (58 min(s), 52 sec(s) ago)
(RTTNews) - After reporting U.S. existing home sales at their lowest level in a year in the previo ...Full Story»

Bank Of Italy Estimates Q3 Growth At 0.5% (52 min(s), 52 sec(s) ago)
(RTTNews) - Italy's economic growth improved slightly in the third quarter, led by strong perf ...Full Story»

Bank Of Italy Sees Q3 Growth Of 0.5% (51 min(s), 52 sec(s) ago)
(RTTNews) - Italy's economic growth improved slightly in the third quarter, led by strong perf ...Full Story»

Bank Of Korea Likely To Keep Rates Low For A Prolonged Period (37 min(s), 52 sec(s) ago)
(RTTNews) - The Bank of Korea is likely to keep the policy rate at 1.25 percent not just for the r ...Full Story»

UK Logs Decade Low Budget Deficit For September (07 min(s), 52 sec(s) ago)
(RTTNews) - The UK budget posted the smallest budget deficit in a decade for the month of Septembe ...Full Story»

Italy's Current Account Surplus Rises In August (01 hr(s), 11 min(s), 08 sec(s) ago)
(RTTNews) - Italy's current account surplus increased in August from the previous year, the Ba ...Full Story»

Latvia Producer Price Inflation Unchanged (01 hr(s), 14 min(s), 08 sec(s) ago)
(RTTNews) - Latvia's producer price inflation was unchanged in September, as an acceleration i ...Full Story»

BoJ Chief Says Economy Well Balanced By External, Domestic Demand (01 hr(s), 44 min(s), 08 sec(s) ago)
(RTTNews) - The Japan economy has been well-balanced by both external and domestic demand, Bank of ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Existing Home Sales Unexpectedly Rebound In September

10/20/2017 - 10:21 AM (RTTNews)
(RTTNews) - After reporting U.S. existing home sales at their lowest level in a year in the previo ...Full Story>>

Bank Of Italy Estimates Q3 Growth At 0.5%

10/20/2017 - 10:15 AM (RTTNews)
(RTTNews) - Italy's economic growth improved slightly in the third quarter, led by strong perf ...Full Story>>

Bank Of Italy Sees Q3 Growth Of 0.5%

10/20/2017 - 10:14 AM (RTTNews)
(RTTNews) - Italy's economic growth improved slightly in the third quarter, led by strong perf ...Full Story>>

Bank Of Korea Likely To Keep Rates Low For A Prolonged Period

10/20/2017 - 10:00 AM (RTTNews)
(RTTNews) - The Bank of Korea is likely to keep the policy rate at 1.25 percent not just for the r ...Full Story>>

UK Logs Decade Low Budget Deficit For September

10/20/2017 - 08:30 AM (RTTNews)
(RTTNews) - The UK budget posted the smallest budget deficit in a decade for the month of Septembe ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.