ForteBank says Fitch Ratings improved bank ratings outlook

24.11.20 10:38
/KASE, November 24, 2020/ – ForteBank based in Nur-Sultan (securities, official list of KASE) has provided KASE with a press release dated November 24, 2020 that says “On November 23, 2020, the international rating agency Fitch Ratings announced its decision to improve ForteBank's outlook from Negative to Stable and affirm its Long-term Issuer Default Rating (IDR) at 'B' despite maintaining a negative outlook for the operating environment in Kazakhstan. Fitch's expectations that the banks' strong pre-impairment profitability and substantial capital buffers will be sufficient to mitigate the ongoing pressure on their asset quality, stemming from the economic recession, lower oil prices, and negative implications from the spread of COVID-19 on the broader economy. Fitch maintains a negative outlook for the operating environment in Kazakhstan, but believes that the ratings of Forte could tolerate a more severe increase in loan impairment charges (LICs) than it currently anticipates. The news was commented on by Guram Andronikashvili, Chairman of the Board of ForteBank: "The improvement of ForteBank’s rating outlook by Fitch is an important event for us and our clients, and it once again confirms stability and reliability of the bank. Despite the difficult market conditions associated with the pandemic, ForteBank continues to support and provide funding to all of our clients while maintaining high efficiency and positive financial and operating results.“" Please read full press release at – https://kase.kz/files/emitters/ASBN/asbn_reliz_241120_1.pdf [2020-11-24]