Moody's downgrades Ecopetrol's credit rating to Ba2 with a negative outlook due to government support concerns.

Moody's has downgraded Ecopetrol's global credit rating from Ba1 to Ba2 and changed the outlook from stable to negative, citing concerns over reduced government support clarity and potential interference. Despite the downgrade, Moody's affirmed Ecopetrol's standalone credit profile at b1, highlighting the company's strong liquidity, diversified operations, and strategic role in Colombia's energy sector. The downgrade also factors in risks from possible mergers financed by short-term debt and corporate governance issues. Ecopetrol remains Colombia's largest energy company with significant operations across the Americas.