Bank of Ceylon’s (BOC) National Long-Term Rating has been upgraded to ‘AA-(lka)’ from ‘A(lka)’ by Fitch Ratings (Fitch) in their latest rating review.
According to the latest announcement made by Fitch, BOC’s national rating upgrade is driven by the upgrade of the sovereign’s Long-Term Local Currency Issuer Default Rating and the recalibration of the national rating scale.
Fitch has highlighted that the BOC’s national rating upgrade reflects the BOC’s relative creditworthiness to other Sri Lankan issuers.
Fitch has further stated that the sovereign’s credit profile improvement has alleviated sovereign-related stresses on the bank’s operating environment as well as on financial and non-financial factors, due to the strong link between the sovereign’s financial health and the bank’s credit profile.
Moreover, in Fitch’s recent international rating review, Fitch upgraded BOC’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to ‘CCC+’ from ‘CCC-’, the Viability Rating (VR) to ‘ccc+’ from ‘ccc-‘, and affirmed Short-Term IDR at ‘C’.
BOC, being the No. 1 bank in Sri Lankan Banking industry, its commitment goes beyond mere financial transactions and extends to building lasting relationships, fostering financial empowerment, and steering economic growth.
Envisioning to be the “Nation’s preferred financial partner” for customers and by offering innovative financial solutions and unwavering support for economic stability and growth over eight decades as “Bankers to the Nation,” BOC has continuously interacted with individuals from diverse roots in Sri Lanka, demonstrating a steadfast commitment to generate value for all stakeholders.
With an extensive footprint comprising a network of over 2,200 direct customer touchpoints, including fully equipped and mobile branches, SME centres, ATMs and CRMs island-wide, the bank promotes financial inclusion across the country. The bank also has an overseas presence in Chennai, Maldives, and Seychelles, a limited services branch in Hulhumale, and operates a fully owned subsidiary in London, United Kingdom.
BOC being listed among the Top 1000 World Banks and awarded the prestigious ‘Bank of the Year—Sri Lanka’ award for 2024 by ‘The Banker Magazine’ are testimonials for its commitment to fortifying financial stability and energising economic growth. These accolades highlight BOC’s role as the trusted partner for its stakeholders and dedication to drive economic prosperity in Sri Lanka.
BOC remains steadfastly focused on delivering excellent customer experience via innovative financial solutions and sustains its leadership position in the industry, providing concerted support and lending to SMEs, funding key infrastructure development projects and industrial ventures, and driving economic progress across all sectors of the nation.
