Fitch’s periodic review re-affirmed the Bank of Ceylon’s (BOC) National long-Term Rating as AA+ (lka) Outlook Stable in January 2017.
The International Long-Term Issuer Default Rating (IDR) as B+ Outlook Negative. The Bank has been obtaining ratings from Fitch Rating Lanka Ltd since 2000 and has been gradually improving since it obtained its National Long-Term Rating as AA+ (lka).
Fitch also considered the country’s operation environment as a key rating driver for the banking sector when considering IDR, where it is unlikely that such would be assigned above the sovereign rating.
The IDRs and the National Long-Term Ratings of the Bank reflect the sovereign support and Fitch further states that it expects support for BOC to stem from its high systematic importance, quasi-sovereign status, role as key lenders to the Government and full state ownership.
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