Fitch Ratings has upgraded Bank of Ceylon’s (BOC) international credit ratings, raising its Long Term Foreign Currency and Local Currency Issuer Default Ratings to ‘B-’ from ‘CCC+’, with a Stable Outlook.
The agency also upgraded the bank’s Viability Rating to ‘b-’ from ‘ccc+’ and its Short Term Issuer Default Rating to ‘B’ from ‘C’. Its National Long Term Rating remains ‘AA-(lka)’ with a Stable Outlook.
According to BOC, the action follows Sri Lanka’s sovereign rating upgrade to ‘B-’ with a Stable Outlook, reflecting improved macroeconomic stability, stronger fiscal and external positions, structural reforms and reduced external financing risks.
Fitch recognised BOC’s market leadership as a rating strength and upgraded its business profile score. The bank accounts for approximately 22% of Sri Lanka’s banking sector assets and deposits, supported by an extensive network and broad customer base.
The agency also improved its assessments of the bank’s risk profile, asset quality, earnings, profitability, capitalisation, leverage, funding and liquidity.
BOC Chairman Kavinda de Zoysa welcomed the upgrade, emphasising the bank’s commitment to prudent risk management, strong governance and financial resilience while supporting customers and sustainable economic growth.
General Manager and Chief Executive Officer Y A Jayathilaka said the improved ratings provided a stronger platform to expand international relationships, diversify funding avenues and pursue sustainable growth opportunities.
BOC expects its enhanced credit standing to strengthen relationships with international financial institutions, correspondent banks and investors, while supporting access to foreign currency funding, international credit lines and trade finance.
During the first half of 2026, BOC reported profit before tax of Rs. 62.7 billion and profit after tax of Rs. 39.8 billion. Total tax contributions reached Rs. 39.2 billion.
At June 2026, assets stood at Rs. 5.4 trillion, deposits at Rs. 4.3 trillion and gross loans and advances at Rs. 2.8 trillion, supporting businesses and individuals nationwide.
