Sri Lanka, Jan. 9 -- Fitch Ratings has upgraded Bank of Ceylon's (BOC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC+' from 'CCC-'. The ratings do not have an Outlook because of the high volatility at this rating level, in line with Fitch's rating definitions.
Fitch has also upgraded BOC's Viability Rating (VR) to 'ccc+' from 'ccc-', affirmed its Short-Term IDR at 'C' and its Government Support Rating (GSR) at 'ns'.
BOC's National Long-Term Rating of 'A(lka)'/Stable was not considered in this review.
The rating actions follow the upgrade of Sri Lanka's Long-Term Foreign-Currency IDR to 'CCC+', from 'RD', and Local-Currency IDR to 'CCC+', from 'CCC-', on 20 December 2024.
Key Rating Drivers
Improved Soverei...