According to Moody's, the upgrade of ForteBank's ratings recognizes the consistent improvements of its solvency metrics along with strong liquidity and resilience of the bank's revenues to business pressures related to the coronavirus containment measures and the economic contraction in Kazakhstan. ForteBank displayed strong profits and modest loan growth in recent years, which enabled the bank to notably improve its solvency.
Guram Andronikashvili, Chairman of the Management Board of ForteBank, commented on the rating upgrade: "Moody's assesses ForteBank's efforts in creating one of the most sustainable banks of the country. In November 2020, Fitch Ratings improved the outlook for ForteBank's ratings. Despite the challenging market conditions associated with the pandemic, ForteBank continues to maintain strong financial and operational results. The rating upgrade confirms the rightness of chosen development strategy, efficient operations and the high level confidence of our customers for the bank".
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