Following its downgrade of Colombia's local and long-term foreign currency ratings, Standard & Poor's recently downgraded its ratings on the securitization deals issued by Empresa Colombiana de Petroleos (Ecopetrol) from BBB-minus to BB-plus.

The oil-backed deals, issued in 1997 and 1999 through Solomon Brothers were for $290 million and $175.6 million respectively. The first offering is scheduled to mature on 2002 and the second one will mature in 2004.

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