ForteBank says Fitch Ratings upgraded long-term issuer default rating to BB; outlook Stable

04.09.23 16:40
/KASE, September 4, 2023/ – ForteBank JSC (Astana), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has informed KASE as follows: quote The international rating agency Fitch has upgraded ForteBank's long-term issuer default rating to 'BB', with a 'Stable' outlook. Forte's upgrade reflects the improvement in the bank's asset quality, which is supported by a moderate debt ratio of 42% at the end of the first half of 2023, the agency said in a statement. Fitch focuses on the bank's internal strengths, in particular its substantial capital and liquidity reserves, as well as strong operational efficiency and profitability. Forte has demonstrated consistently strong performance over the past four years, with operating income averaging 4.7% of risk-adjusted assets. A positive factor is the balance of Forte portfolios by segments. The Bank serves the largest corporate clients in Kazakhstan, including export-oriented companies, and also actively lends to SMEs and works with the retail market. unquote This information is available on – [2023-09-04]