FINANCIAL CHRONICLE – Fitch Ratings has announced an upgrade to the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) for the state-owned Bank of Ceylon (BOC), raising it from ‘CCC+’ to ‘B-’ and assigning a Stable Outlook, as reported by the bank.

Additionally, the rating agency has increased the lender’s Viability Rating (VR) from ‘ccc+’ to ‘b-’, as disclosed in a regulatory announcement to the Colombo Stock Exchange.

Fitch has also improved BOC’s Short-Term Issuer Default Rating, elevating it from ‘C’ to ‘B’.

The bank’s Government Support Rating (GSR) has been confirmed at ‘ns’ (no support).

This adjustment in ratings comes in the wake of Fitch’s recent upgrade of Sri Lanka’s sovereign rating from ‘CCC+’ to ‘B-’, which has alleviated some of the credit pressures faced by the government and the domestic banking sector. (Colombo/Oct 02/2026)