Fitch’s periodic review re-affirmed the Bank of Ceylon’s (BOC) National long-Term Rating as AA+ (lka) Outlook Stable in January 2017 and the International Long-Term Issuer Default Rating (IDR) as B+ Outlook Negative, BOC said in a press release.
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.
BOC is the highest profit earning single business entity in the country which has immensely contributed to the economic development of the country, the release added.