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Black Gold Re gets Fitch rated
Fith Ratings has affirmed the Insurer Financial Strength rating of “BBB” to Black Gold Re. The rating outlook is positive.
Black Gold Re’s rating as a captive company reflects its linkage and strategic importance to its parent, Empresa Colombiana de Petroleos—Ecopetrol.
The rating also reflects Black Gold Re’s adequate technical performance, high captialisation, low leverage and strong liquidity ratios.
“The rating outlook is positive. An upgrade may be considered due to positive changes in the credit profile of the parent … Key ratings triggers that may lead to a downgrade include a decrease in Ecopetrol’s availability and willingness to provide support,” said the rating firm in a recent statement.