Moody’s pulls rating for Ecopetrol captive

Moody’s Investors Service has withdrawn its rating of Black Gold Re, the captive reinsurance subsidiary of Columbian oil & gas giant Ecopetrol.

Moody’s withdrew rating “for its own business reasons”, the ratings agency said.

The announcement comes after the rating agency affirmed the captive’s Baa3 insurance financial strength (IFS) rating in October but changed its outlook from stable to negative.