ForteBank says S&P Global Ratings upgraded its ratings from “B” to “B+”, outlook Stable
/KASE, June 7, 2019/ – ForteBank (Nur-Sultan), whose securities are officially 
listed on Kazakhstan Stock Exchange (KASE), has provided the following press 
release to KASE:

quote

On June 6, 2019, the S&P Global Ratings international rating agency announced its 
decision to upgrade the ratings of ForteBank from “B” to “B+” with the outlook 
being “Stable”

According to S&P analysts: “We have increased ForteBank’s ratings, as we believe 
that over the past three years the bank has significantly strengthened its 
competitive position, and it is the third largest bank in Kazakhstan, with a 
market  share of 8% in terms of assets. We think that experienced management team 
of ForteBank and supportive shareholder, Mr. Bulat Utemuratov, enabled the bank  
to generate new business of a good quality, proceed with the successful recovery  
of legacy problem loans, and increase profitability.”

Mr. Guram Andronikashvili, Chairman of the Management Board of ForteBank, 
commented on the news:

“The rating upgrade to the “B+” level by S&P Global Ratings Agency is an 
important event for the bank and a high assessment of the work of the whole team. 
Improvement of the rating is another indicator of strengthening of ForteBank’s 
market position in Kazakhstan, and allows us to continue providing quality 
services to our customers. ForteBank demonstrates positive financial results, 
maintaining a leading position in terms of capital adequacy and liquidity.”

unquote

More details are available on KASE –  
http://kase.kz/files/emitters/ASBN/asbn_reliz_060619_en.pdf

[2019-06-07]