Fitch ups Bank of Ceylon view to positive

Fitch Ratings said it revised Bank of Ceylon's outlook to positive from stable, and affirmed its national long-term rating at AA(lka) and subordinated debentures at AA-(lka).

The positive outlook largely reflects the prospect of a potential improvement in the government's profile as indicated by the positive outlook on Sri Lanka's long-term issuer default rating, Fitch said, and the consequent increased capacity for the government to provide support to the bank in view of its high systemic importance and importance to the government.

The ratings reflect its high systemic importance as the largest bank in Sri Lanka, full state ownership, strong franchise and modest financial profile, the agency said.

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