BAKU, Azerbaijan, July 23. Moody's Ratings has upgraded Kazakhstan's ForteBank long-term deposit ratings in local and foreign currencies to Ba1 from Ba2, according to a statement by the bank.
Moody's also upgraded ForteBank's baseline credit assessment (BCA) to ba2 from ba3 and maintained a Stable outlook.
"Moody's decision reflects the strengthening of ForteBank's financial resilience and the bank's ability to maintain its credit metrics while implementing the strategically important acquisition of Home Credit Bank," ForteBank said.
According to the Kazakh bank, Moody's report noted ForteBank's successful management of risks associated with the integration of the acquired Home Credit Bank, as well as the strengthening of the bank's business diversification through the expansion of its retail segment and growth of its customer base. The agency also confirmed ForteBank's strong liquidity and funding positions.
As of the end of the first quarter of 2026, customer deposits accounted for 75% of the bank's liabilities, while cash and highly liquid assets amounted to nearly 30% of total assets, providing the bank with a significant buffer to support further business growth.
"Moody's rating upgrade confirms that ForteBank's long-term strategy is being consistently implemented and has received independent recognition. In recent years, the bank has significantly strengthened its market position, successfully completed one of the largest transactions in the country's banking sector, and maintained high financial stability," ForteBank's Chairman of the Board of Directors Timur Issatayev said.
According to him, the chosen strategy creates a foundation for further growth.
