Fitch Affirms Ecopetrol's BB Credit Rating with Stable Outlook, Citing Financial Resilience

## Fitch Affirms Ecopetrol's BB Credit Rating with Stable Outlook Fitch Ratings has affirmed Ecopetrol S.A.'s global credit rating at **BB with a Stable Outlook**, the Colombian national oil company announced on October 20, 2026, in a development that carries significance for energy supply chains and maritime trade flows linked to Latin American crude exports. According to a PR Newswire release issued by Ecopetrol, Fitch's report also confirmed the company's standalone credit profile (SACP), highlighting the firm's underlying financial strength independent of sovereign support considerations. Ecopetrol trades on both the Bogotá Stock Exchange (BVC: ECOPETROL) and the New York Stock Exchange (NYSE: EC). ### Relevance to Maritime Energy Markets Ecopetrol is one of Latin America's largest integrated oil and gas companies and a significant player in regional crude oil export volumes. The company's financial health directly influences tanker demand on key trade routes connecting Colombia's Caribbean and Pacific export terminals to refineries in the United States Gulf Coast, Europe, and Asia. A stable credit outlook supports Ecopetrol's capacity to maintain capital expenditure programmes, including upstream production and pipeline infrastructure investments that underpin export volumes. Any deterioration in the company's financial standing could have downstream effects on chartering activity and cargo availability for tanker operators serving the region. ### Context The affirmation comes at a time when Latin American national oil companies have faced mixed fortunes, navigating fluctuating crude prices, energy transition pressures, and varying levels of government fiscal demands. Fitch's decision to maintain a Stable Outlook — rather than revising it to Negative — signals confidence in Ecopetrol's ability to manage its debt obligations and sustain operational performance through the current commodity cycle. For maritime industry stakeholders, including shipowners, charterers, and port operators with exposure to Colombian crude trade, the rating affirmation provides a degree of commercial certainty regarding near-term cargo volumes and counterparty reliability. Fitch's full report, dated October 20, 2026, is available through the ratings agency's official channels. Ecopetrol has not indicated any immediate changes to its export strategy or production targets in connection with the announcement.