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Fitch Downgrades Bank of Ceylon’s Local Currency IDR to CCC-; Maintains RWN

Fitch Ratings has downgraded Bank of Ceylon's (BOC) Long-Term Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'CCC' and maintained it on Rating Watch Negative (RWN). At the same time, Fitch has affirmed BOC's Long-Term Foreign-Currency IDR and Short-Term IDR at 'RD', Viability Rating (VR) at 'f' and Government Support Rating at 'ns'.

BOC's National Long-Term Rating of 'AA-(lka)' on RWN was not considered in this review.

The rating actions follow the downgrade of Sri Lanka's Long-Term Local-Currency IDR to 'CC' from 'CCC' on 1 December 2022.
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Fitch-Downgrades-Bank-of-Ceylons-Local-Currency-IDR-to-CCC-_-Maintains-RWN

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