Fitch Ratings has downgraded Bank of Ceylon's (BOC) Long- and Short-Term Foreign Currency (FC) Issuer Default Ratings (IDRs) to 'RD' (Restricted Default) from 'CC' and 'C', respectively.
Fitch has also downgraded the Viability Rating (VR) to 'f' from 'cc', and removed the ratings from Rating Watch Negative (RWN). The rating actions are in accordance with Fitch's rating definitions.
At the same time, Fitch has maintained BOC's Long-Term Local-Currency (LT LC) IDR of 'CCC' on RWN as well as its National Long Term Rating of 'AA-(lka)'.
"Fitch Ratings has been made aware of missed payments on BOC's foreign-currency obligations which underpins our rating action on its LT FC IDR, ST FC IDR and VR," the rating agency said.
"We believe the foreign-currency funding and liquidity profile is highly stretched, and also believe this is exacerbated by the sovereign's debilitated credit profile (Long-Term Foreign-Currency IDR of 'RD' and Long-Term Local-Currency IDR of 'CCC')".
A full list of the rating actions is detailed below.
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