ForteBank announces upgrading of the bank's ratings

23.09.21 12:55
/KASE, September 23, 2021/ – ForteBank (Nur-Sultan), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated September 23, 2021: quote On September 22, 2021, the international rating agency Fitch Ratings upgraded ForteBank's long-term issuer default rating (IDR) from "B" to "B+", improving the outlook from "Stable" to "Positive". The rating on the national scale was upgraded by two notches from "BB+(kaz)" to "BBB(kaz)", and the sustainability rating was upgraded from "b" to "b+". On September 17, 2021, the international rating agency S&P Global Ratings improved the outlook on ForteBank's ratings from "Stable" to "Positive", upgrading the rating on the national scale from "kzBBB" to "kzBBB+" and affirming the long- term and short-term ratings at the level of "B+/B". According to analysts at Fitch Ratings, the upgrading of the long-term IDR and sustainability rating, as well as the improved outlook, reflect a significant decrease in pressure on the bank's capitalization due to risks associated with the quality of legacy distressed assets. Also, the rating action is caused by the bank's high profitability indicators. In addition, the strengths of the rating are funding and liquidity. The bank has a solid liquidity cushion covering 50% of client deposits at the end of the first half of 2021. According to S&P analysts, the outlook on the rating of ForteBank has been revised from "Stable" to "Positive", thanks to the stabilization of the economic situation, the stability of ForteBank's business position and positive dynamics in improving the quality of the bank's assets. The return on equity (ROE) of the bank for the first half of 2021 exceeded 20% in annual terms. unquote The full press release is available on KASE website at – https://kase.kz/files/emitters/ASBN/asbn_reliz_230921_1.pdf [2021-09-23]