Fitch affirms ratings of People’s Bank and Bank of Ceylon; Outlook Negative

Jul 27, 2020 (LBO) – Fitch Ratings has affirmed the National Long-Term Rating of People’s Bank at ‘AA+(lka)’ with a Negative Outlook.

Fitch Ratings has also affirmed Bank of Ceylon’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B-‘ and National Long-Term Rating at ‘AA+(lka)’.

The Outlook on the IDRs and National Long-Term Rating is Negative. At the same time, Fitch has affirmed BOC’s Viability Rating (VR) at ‘b-‘, Support Rating (SR) at ‘5’ and Support Rating Floor(SRF) at ‘B-‘.