KEY RATING DRIVERSIDRs and VIABILITY RATINGThe rating actions follow Fitch’s downgrade of Sri Lanka’s Long-Term Foreign-Currency IDR to ‘CC’ from ‘CCC’ and the affirmation of the sovereign’s Long-Term Local-Currency IDR at ‘CCC’ on 17 December 2021.
See Fitch Downgrades Sri Lanka’s Long-Term Foreign-Currency IDR to ‘CC’.The downgrade of BOC’s Long-Term Foreign-Currency IDR is driven by the downgrade of its VR.