ForteBank says S&P Global Ratings upgraded its ratings from “B” to “B+”, outlook Stable

07.06.19, 12:05
/KASE, June 7, 2019/ – ForteBank (Nur-Sultan), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided the following press release to KASE: quote On June 6, 2019, the S&P Global Ratings international rating agency announced its decision to upgrade the ratings of ForteBank from “B” to “B+” with the outlook being “Stable” According to S&P analysts: “We have increased ForteBank’s ratings, as we believe that over the past three years the bank has significantly strengthened its competitive position, and it is the third largest bank in Kazakhstan, with a market share of 8% in terms of assets. We think that experienced management team of ForteBank and supportive shareholder, Mr. Bulat Utemuratov, enabled the bank to generate new business of a good quality, proceed with the successful recovery of legacy problem loans, and increase profitability.” Mr. Guram Andronikashvili, Chairman of the Management Board of ForteBank, commented on the news: “The rating upgrade to the “B+” level by S&P Global Ratings Agency is an important event for the bank and a high assessment of the work of the whole team. Improvement of the rating is another indicator of strengthening of ForteBank’s market position in Kazakhstan, and allows us to continue providing quality services to our customers. ForteBank demonstrates positive financial results, maintaining a leading position in terms of capital adequacy and liquidity.” unquote More details are available on KASE – http://kase.kz/files/emitters/ASBN/asbn_reliz_060619_en.pdf [2019-06-07]