Sri Lanka, Nov. 2 -- Fitch Ratings has upgraded the National Long-Term Ratings of Bank of Ceylon, People's Bank and Commercial Bank of Ceylon following a recalibration of Sri Lanka's national rating scale after the country's sovereign rating upgrade.

Fitch Ratings has revised the national ratings of eight Sri Lankan banks, with three banks receiving upgrades, while other rating actions included an outlook revision, a downgrade and the continuation of Rating Watch Positive (RWP).

The rating actions follow Fitch's upgrade of Sri Lanka's Long-Term Local-Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+', with a Stable Outlook, on September 22, 2026.

Under the revised national rating scale, Bank of Ceylon (BOC) and People's Bank (PB)...