The rating agency pointed to a series of strategic financial moves that bolstered Ecopetrol’s standing, specifically the securing of a 190 million dollar committed credit facility and successful refinancing of short-term debt. These actions, paired with stronger operating cash flows, have provided the company with a more resilient balance sheet.

Looking ahead, S&P projects that Ecopetrol will maintain stable leverage metrics, targeting an adjusted net debt-to-EBITDA ratio near 2.0x. This forecast assumes a favorable pricing environment and a disciplined approach to new debt issuance. The stable outlook remains tethered to the Republic of Colombia, highlighting the firm's critical role as the country’s largest integrated energy provider.