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Credit risk rating agency Moody's affirmed Ecopetrol's rating at 'Baa3' with a stable outlook, even after downgrading Colombia's sovereign rating outlook from stable to negative.
According to Moody's, Ecopetrol's should continue to improve its performance.
The credit risk rating agency notes that Ecopetrol has been successful in reducing its operating costs, allowing for an increase in its cash flow and a smaller indebtedness.
Likewise, it mentions the replenishment of reserves of almost 130% achieved in 2017 and the improvement of fundamentals.
