Sri Lanka's Bank of Ceylon affirmed at 'AA(lka)' with stable outlook - Fitch |
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Fri, 19 Oct 2007 04:48
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MUMBAI (Thomson Financial) - Fitch Ratings Lanka affirmed the national long-term rating and individual rating of Bank of Ceylon (BOC) at 'AA(lka)' and 'D/E' respectively, citing the bank's systemic importance as the largest bank in Sri Lanka, its relatively stable financial profile, and state ownership.BOC has 18.2 pct of Sri Lanka's banking system assets.The agency also affirmed its support rating at '4', reflecting the expected level of support from the government of Sri Lanka due to the bank's state ownership and its strategic importance to the country's economy.The outlook remains stable, but Fitch said it believes that ensuring an adequate level of economic capital in the medium term would be a key challenge for BOC.BOC is the main commercial banker to the government of the Asian island, and one of the two commercial bankers to state-owned enterprises.It has a 1.78 pct stake in Fitch Ratings Lanka but the agency said BOC is not involved in either the day-to-day operations or credit rating reviews undertaken by Fitch Ratings Lanka.TFN.newsdesk@thomson.comjro/jroCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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