Fitch upgrades Bank of Ceylon

Fitch Ratings said it upgraded Bank of Ceylon's long-term foreign-currency issuer default rating to CC from RD, Restricted Default. The rating does not have an outlook because of the high volatility at this level, in line with the agency's rating definitions.

The agency also raised BOC's viability rating to cc from f.

This review did not evaluate BOC's CCC-/rating watch negative long-term local-currency IDR and A(lka)/RWN national long-term rating.

The upgrades reflect BOC's stronger foreign-currency liquidity position since June 2022, which has enabled the bank to become current on its foreign-currency obligations to non-government creditors. “That said, the bank's foreign-currency funding and liquidity profile remain stretched, with the inflow of foreign currency being mostly limited to remittances and export proceeds,” Fitch said in a statement.

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