The agency rated the bank's local currency deposits 'B1/NP', foreign currency deposits: 'B2/NP' and foreign currency senior unsecured debt 'B1'.
"These ratings and outlook take into account the balance of strengths and weaknesses characterizing BOC's credit profile on a standalone basis, as well as Moody's assumptions for the probability of government support in times of stress, which Moody's assesses as very high," the agency said.
"It reflects the bank's declining capital and liquidity buffers available to withstand systemic stresses as a result of its recent above-industry credit growth.
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"Also, we view the bank, like its domestic peers, to be vulnerable to the unavoidable cyclicality inherent to emerging markets, which exposes it to periodic asset quality pressure."
The full rating statement is reproduced below
Singapore, April 17, 2012 -- Moody's Investors Service has assigned following debt and deposit ratings to Bank of Ceylon (BOC), with a stable outlook.
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