BOC's National Long-Term Rating reaffirmed
Fitch Rating's periodic review reaffirmed 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. The bank has been obtaining ratings from Fitch Rating Lanka since 2000 and has been gradually improving since it obtained its National Long-Term Rating as AA+ (lka).
Fitch also considered the country's operational 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. While the IDRs and the National Long-Term Ratings of the bank reflected the sovereign support, Fitch further stated that it expected support for BOC to stem from its high systematic importance, quasi-sovereign status, its role as a key lender to the government and its status as a fully state owned entity.