On March 14, 2025, Fitch Ratings affirmed ISA’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BBB’ and revised the Outlook from Stable to Negative, in line with Ecopetrol. ISA’s credit profile is consistent with its ‘BBB’ rating and is not constrained by the credit profile of its majority shareholder, Ecopetrol. According to Fitch’s “Parent-Subsidiary Linkage Rating Criteria,” given that Ecopetrol owns more than 51% of ISA, the linkage must be considered in the assessment. The presence of regulatory compartmentalization mechanisms, the presence of significant minority shareholders, and a history of strong governance practices prevent Ecopetrol from extracting value from its strongest subsidiary.