Bank Rating

Apr 17, 2012 (LBO) – Fitch Ratings has assigned Sri Lanka’s Bank of Ceylon (BOC) long-term foreign- and local-currency Issuer Default Ratings (IDRs) of ‘BB-‘ with stable outlooks. Fitch has also confirmed BOC’s national long-term rating and its outstanding subordinated debentures at ‘AA+(lka)’ with a stable outlook and ‘AA(lka)’, a statement said.

Fitch has also assigned BOC’s proposed senior unsecured US dollar-denominated notes an expected rating of ‘BB-(exp)’, same as its foreign currency rating.

The full rating report follows:

Fitch Ratings-Mumbai/Singapore-17 April 2012: Fitch Ratings has assigned Sri Lanka’s Bank of Ceylon (BOC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of ‘BB-‘ with Stable Outlooks. Fitch has also assigned BOC a ‘b+’ Viability Rating (V/R). Simultaneously, BOC’s National Long-Term rating and its outstanding subordinated debentures have been affirmed at ‘AA+(lka)’ with a Stable Outlook and ‘AA(lka)’, respectively.

Fitch has also assigned BOC’s proposed senior unsecured USD-denominated notes an expected rating of ‘BB-(exp)’, same as its Foreign Currency IDR. The size and tenor of the notes are yet to be determi