Fitch Rating, a world-renowned international rating agency, has downgraded Bank of Ceylon, one of Sri Lanka’s leading state-owned banks. Bank of Ceylon was been ranked at the CCC category so far and now according to the latest report, it has been downgraded to the CC category.
Fitch Rating says the downgrade was due to long-term foreign currency volatility.
If these ratings fall further, it is considered bankruptcy or shuting down.
Economic analysts say the situation will have a direct impact on imports.