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Fitch downgrades Bank of Ceylon
Fitch Ratings said it downgraded Bank of Ceylon's long-term foreign-currency issuer default rating to CC from CCC. The agency also lowered the long-term local-currency IDR at CCC. BOC's national long-term rating of aa-(lka) was not considered in this review.
The downgrades follow Fitch’s cutting Sri Lanka's long-term foreign-currency IDR to CC from CCC and the affirmation of the sovereign's long-term local-currency IDR at CCC on Dec. 17, the agency said.
“In line with the updated bank rating criteria, we have assigned a government support rating (GSR) of 'No Support' to BOC and withdrawn the support rating and support rating floor, as they are no longer relevant to our coverage following the publication of our updated bank rating criteria on Nov. 12, 2021,” Fitch said in a press release.
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