S&P affirmed ForteBank's ratings

S&P Global Ratings International Rating Agency affirmed the ratings of ForteBank at "B+/B", rating on the national scale "kzBBB", and forecast is "stable".

According to S&P analysts, this reflects the Agency's vision that the bank's capital and liquidity cushion will allow it to withstand the pressure of the adverse operating environment in Kazakhstan caused by the economic downturn, the Covid-19 pandemic and decrease in oil prices.

"I am glad that S&P analysts continue to demonstrate their confidence in the bank and affirm the bank's ratings at the current level. Despite the difficult market conditions associated with the pandemic, ForteBank continues to maintain high performance and positive financial and operational results. Financial indicators reflect the confidence of our clients in the bank. The Forte team is constantly working on creating new digital products and services that our customers use every day, "- Guram Andronikashvili, Chairman of the Board of ForteBank, commented on the rating results.