Downgrade reflects concerns over reduced government support and policy uncertainty for Colombia’s largest energy firm.
Moody’s lowered Ecopetrol’s global credit rating to Ba2 from Ba1 and revised its outlook to negative, citing weaker expectations of government backing. The decision stems from rising risks of interference and unclear support mechanisms, particularly linked to the Fuel Price Stabilization Fund (FEPC).
The agency maintained Ecopetrol’s Baseline Credit Assessment at b1, recognizing its strong market position, diversified operations, and solid liquidity. Ecopetrol remains Colombia’s largest integrated oil and gas company, playing a critical role in the country’s energy supply.
The downgrade highlights growing fiscal and policy risks for state-linked energy firms amid shifting government priorities.