July 18, 2018 |
Moody's has increased Ecopetrol's baseline credit assessment (BCA) to Ba1 from Ba3 and affirmed its investment grade (IG) rating on the back of solid credit metrics.
The Colombian state-run oil company also drew praise from the rating agency for its strategy of increasing oil reserves. Moody's said Ecopetrol's reserves replacement index reached 126% at the end of last year.
Moody's also highlighted four factors - the company's implementation of improved recovery and infill projects, its explorat
Colombian oil company reaps rewards of increasing its reserves and maintaining solid credit metrics