ForteBank's credit rating has been upgraded by Moody's.
ForteBank, a prominent player in the Kazakhstan banking sector, has been honoured with a series of accolades from leading international publications and credit rating agencies.
In the past 12 months, ForteBank has been named the best bank in Kazakhstan by Euromoney, Asiamoney, and Global Finance. These recognitions underscore the bank's commitment to excellence and its significant contributions to the financial industry in the region.
In addition to these awards, ForteBank has also experienced a positive shift in its credit ratings. Moody's Investors Service upgraded ForteBank's long-term deposit rating from Ba3 to Ba2 on December 15, 2021. This upgrade marks the second in the past year for ForteBank, following a similar upgrade in December 2020.
Fitch Ratings also acknowledged the improvements in ForteBank's revenue quality by upgrading its outlook from "Stable" to "Positive" in an unspecified date. The rating agency further upgraded ForteBank's long-term rating from "B" to "B+" in the same period. S&P Global Ratings followed suit, affirming ForteBank's long-term and short-term ratings at "B+/B" in September 2021, and upgrading its national scale rating from "kzBBB" to "kzBBB+" in the same month.
The upgrades by Moody's, S&P Global Ratings, and Fitch Ratings reflect the strengthening of ForteBank's financial position, improved asset quality, and enhanced profitability. Moody's analysts have noted the strengthening of ForteBank's business profile, citing a significant reduction in uncertainty regarding ForteBank's asset risk, due to a sharp decline in problem loans since the beginning of the year.
Operating with 20 branches and nearly 100 offices, ForteBank is known for its stability, liquidity, and strong capitalization. The bank's consistent performance and commitment to sound risk management practices have earned it a reputation as one of the largest and most reliable banks in Kazakhstan.
While the specific reasons behind ForteBank's consecutive rating upgrades in 2021 by Moody's, S&P Global Ratings, and Fitch Ratings are not explicitly stated, it is likely that these upgrades reflect better capital ratios, reduced credit risk, or improved business fundamentals. For more detailed information, official rating agency reports or ForteBank’s press releases would need to be consulted.
ForteBank's consistent awards as the best bank in Kazakhstan by esteemed publications and its series of credit rating upgrades indicate a significant progress in the bank's business and investing profile, demonstrating excellence and substantial contributions to the region's financial industry.
The substantial reduction in problem loans and improvement in ForteBank's asset quality, alongside better capital ratios and reduced credit risk, are likely factors that contributed to the consecutive rating upgrades received in 2021 from Moody's, S&P Global Ratings, and Fitch Ratings, all of which highlight the bank's strengthened financial position and enhanced profitability.
