Sri Lanka, Oct. 2 -- Bank of Ceylon (BOC) has achieved a significant milestone in its international credit ratings journey, with Fitch Ratings (Fitch) upgrading the Bank's Long-Term Foreign-Currency and Local-Currency Issuer Default Ratings (IDRs) to 'B-' from 'CCC+', with a Stable Outlook.

Fitch has also upgraded BOC's Viability Rating (VR) to 'b-' from 'ccc+' and Short-Term IDR to 'B' from 'C', while affirming the Government Support Rating (GSR) at 'ns'.

The upgrade represents a notable strengthening of BOC's sovereign credit profile, reflecting its resilience, market leadership and improving financial fundamentals amid a thriving operating environment.

It reinforces the Bank's ability to engage with international markets and pursue...