Fitch ups Ecopetrol Issuer Default Rating to Positive

Fitch Ratings has up-rated the long-term foreign currency issuer default rating (IDR) outlook of Colombia's state oil company Ecopetrol to positive from stable, Fitch said in a statement.

The change follows Fitch's recent move to upgrade Colombia's BB IDR rating outlook to positive from stable.

"The outlook revision for the Republic of Colombia is based primarily on improvements in key public and external solvency indicators over the past two years," Fitch said.

Ecopetrol's BB rating is supported by a strong financial profile, sizable reserves, stable production levels and a dominant domestic market share, Fitch said. But the ratings also reflect the company's vulnerability to fluctuations in international commodity prices, declining reserves and tightening environmental regulations.

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