/KASE, March 9, 2023/ – ForteBank JSC (Astana), whose securities are
officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with
the following press release:
The international rating agency S&P Global Ratings has upgraded its outlook on
ForteBank's rating to "stable" and affirmed the ratings at "BB-/B".
The change in the outlook for the bank's rating was announced following a
similar change in the outlook for the sovereign rating of the Republic of
Kazakhstan. On March 3, 2023, S&P revised the outlook on the country's rating
from "negative" to "stable", stating the forecast expectation of Kazakhstan's
GDP growth within 4% over the next three years.
The agency notes that the affirmation of ForteBank's rating at "BB-/B" reflects
S&P's assessment of Forte's significant role in Kazakhstan's economy.
The complete press release is available on –