‘s IDRs; Places Viability Rating on Rating Watch Negative

Fitch Ratings has placed Bank of Ceylon’s Viability Rating (VR) of ‘cc’ on Rating Watch Negative (RWN). At the same time, Fitch has affirmed BOC’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CC’.

The rating does not carry an Outlook because of the potential for high volatility at this rating level, in line with Fitch’s rating definitions.
Fitch has also affirmed BOC’s LongTerm Local-Currency IDR of ‘CCC-‘ with a Stable Outlook, and the Short-Term IDR at ‘C’.

BOC’s national ratings were not considered in this review.
A full list of rating actions is at the end of this commentary.