Fitch upgrades BOC’s VR and Foreign- currency IDR to ‘cc’/’CC’

Fitch Ratings has upgraded Bank of Ceylon’s (BOC) Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CC’ from ‘RD’ (Restricted Default).

The rating does not carry an Outlook because of the high volatility at this rating level, in line with Fitch’s rating definitions. At the same time, Fitch has also upgraded BOC’s Viability Rating (VR) to ‘cc’ from ‘f’ and its Short-Term IDR to ‘C’ from ‘RD’ and affirmed BOC’s Government Support Rating of ‘no support’ (ns).