Moody's rates Bank of Ceylon B1, B2

Moody's Investors Service said it assigned following ratings to Bank of Ceylon: local currency deposit rating of B1/NP; foreign currency deposit rating of B2/NP; foreign currency senior unsecured debt rating of B1; and foreign currency issuer rating of B1.

Moody's also assigned an E+ bank financial strength rating, mapping to a baseline credit assessment of B2.

The outlook for all ratings is stable.

Moody's said the ratings and outlook take into account the balance of strengths and weaknesses characterizing Bank of Ceylon's credit profile on a standalone basis, as well as Moody's assumptions for the probability of government support in times of stress, which Moody's assesses as very high.

At E+/B2, Moody's support assumption results in a one-notch rating uplift to the B1 local currency deposit rating, the agency said.

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