Fitch Rating re-affirms Bank of Ceylon AA+ (lka) Outlook Stable
View(s):Fitch’s periodic review re-affirmed 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.
In a media release, the bank said it has obtaining ratings from Fitch Rating Lanka Ltd since 2000 and has been gradually improving since it obtained its National Long-Term Rating as AA+ (lka).
Fitch also considered the country’s operation 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. The IDRs and the National Long-Term Ratings of the bank reflect the sovereign support and Fitch further states that it expects support for BOC to stem from its high systematic importance, quasi-sovereign status, role as key lenders to the Government and full state ownership, the release said.
“As a banking giant, BOC has spread its operation to every single sector, individuals from all walks of life or any business from the smallest to the largest assisting them to obtain sustainable growth together with the bank. BOC has sharpened its operational efficiency and versatility through many well-strategised goals earned three ‘Trillion’ targets as over Assets, Deposits and Advances becoming the only Sri Lankan bank to ever surpass such milestones,” the release added.