S&P ups Ecopetrol to positive

Standard & Poor's said it revised the outlook on Ecopetrol SA to positive from stable.

The agency also said it affirmed the BBB- ratings on the company.

The outlook revision and affirmation follows the recent outlook revision on the Republic of Colombia to positive from stable.

In accordance with the agency's criteria on government-related entities and assuming no changes in the current likelihood of extraordinary support from the government, the outlook revision on Ecopetrol reflects the fact that a potential upgrade of Colombia would lead to a similar rating action on the company, S&P said.

This is due to an assessment that there is a high likelihood that the government would provide timely and extraordinary support to Ecopetrol in case of financial distress, the agency said.

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