S&P Global Ratings withdraws the ratings of ForteBank, JSC due to the Bank's decision to suspend its participation in the rating process of S&P.

At the end of March, 2024, S&P raised ForteBank's national scale rating to "kzA" from "kzA-", improving the outlook to "Positive". As of the date of withdrawal, ForteBank's long-term and short-term credit ratings were at "BB-/B", the national scale rating was "kzA", and the outlook on the ratings was "Positive".

"We are grateful to S&P for our long-term cooperation. The current situation shows that it is sufficient to have ratings of two agencies to confirm the Bank’s creditworthiness and sustainability for customers, shareholders and investors. ForteBank's ratings from both Moody's and Fitch fully reflect the Bank's strong financial performance, the chosen business model and the Bank's development prospects in the market. Forte team consistently implements the development strategy, ensuring digitalization of services, sustainable growth, and balanced portfolios," said Bekzhan Pirmatov, Chairperson of the Management Board of ForteBank.

ForteBank still has ratings from two rating agencies, Moody's and Fitch, confirming ForteBank's strong capitalization, liquidity and profitability. Thus, in August, 2023, Fitch upgraded the long-term issuer default rating to "BB" from "BB-", the Bank's viability rating to "bb" from "bb-", and the national long-term rating to "A(kaz)" from "A-(kaz) ". The outlook on the ratings is "Stable".

In November 2023, Moody's improved ForteBank's rating outlook to "Positive" and affirmed its local and foreign currency deposit ratings at "Ba2".

ForteBank is among the five largest banks in Kazakhstan and is one of the most stable, liquid, and well-capitalized banks in the country. As of February 1, 2024, the Bank's assets exceed 3.3 trillion tenge. The loan portfolio makes 1.5 trillion tenge and deposits amount to more than 2.3 trillion tenge. Forte has an extensive network of 20 branches and about 100 outlets across the country.

As of April 01, 2024, the ratings of ForteBank, JSC are as follows: Moody's Long-term foreign and local currency deposit rating "Ba2" Long-term counterparty risk rating "Ba1" Outlook "Positive"

Fitch Ratings Long-term issuer default rating "BB" Short-term issuer default rating "B" Outlook "Stable"