Fitch cuts Bank of Ceylon

Fitch Ratings said it downgraded Bank of Ceylon’s long-term foreign- and local-currency issuer default ratings CCC from B-. There is no outlook because of the potentially high volatility at this rating level, in line with Fitch’s rating definitions, the agency said.

The downgrade stems from the Nov. 27 downgrade of the sovereign’s rating to CCC from B-, Fitch said.

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