ForteBank : says S&P Global Ratings upgraded the bank's rating on national scale to "kzA"; outlook "Positive"

ForteBank says S&P Global Ratings upgraded the bank's rating on national scale to "kzA"; outlook "Positive"

26.03.24 10:44

/KASE, March 26, 2024/ - ForteBank JSC (Astana), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated March 20, 2024: quote The international rating agency S&P Global Ratings revised the outlook on the ratings of ForteBank JSC from "Stable" to "Positive" and upgraded the rating on the national scale from "kzA-" to "kzA". The issuer's long-term and short-term credit ratings were confirmed at the level of "BB-/B". S&P emphasized that the "positive" outlook on ForteBank's ratings reflects expectations regarding a possible increase in the bank's rating in the next 12-18 months if industry risks in the banking sector of Kazakhstan are reduced. ForteBank is one of the largest banks in the country in terms of assets and deposits. The agency also noted that the banking sector of the Republic of Kazakhstan in recent years has demonstrated higher resistance to macroeconomic risks against the backdrop of worsening geopolitical risks in the region. Asset quality indicators and financial performance of the banking sector were significantly higher than the level predicted by the agency. ForteBank is one of the five largest banks in terms of assets, the size of which exceeds 3 trillion tenge, the volume of the loan portfolio is at the level of 1.5 trillion tenge, and deposits amount to more than 2.3 trillion tenge. unquote The complete press release in Kazakh and Russian is available on - https://kase.kz/files/emitters/ASBN/asbn_relizs_200324.pdf [2024-03-26]