Moody's upgrades ForteBank rating to Ba1 with stable outlook
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Moody's Ratings raised ForteBank's long-term deposit ratings in local and foreign currency from Ba2 to Ba1, with a stable outlook. The upgrade reflects the bank's strengthened financial stability and its ability to maintain credit metrics while integrating Home Credit Bank.
Rating Upgrade Details
Moody's Ratings upgraded ForteBank's long-term deposit ratings from Ba2 to Ba1 in both local and foreign currency, with a stable outlook. The agency also improved the bank's Baseline Credit Assessment (BCA) from ba3 to ba2, according to Orda.kz. The decision underscores ForteBank's strengthened financial stability and its capacity to sustain credit metrics while executing the strategic acquisition of Home Credit Bank.
Financial Strength Indicators
Moody's confirmed ForteBank's strong liquidity and funding positions. As of end-Q1 2026, customer deposits accounted for 75% of the bank's liabilities, while cash and highly liquid assets comprised nearly 30% of total assets, providing a significant buffer for business growth. The agency also noted successful risk management related to the integration of Home Credit Bank and enhanced business diversification through expanded retail operations and a larger client base.
Management Response
ForteBank Chairman Timur Isataev stated that the upgrade confirms the consistent implementation of the bank's long-term strategy and independent recognition of its results. He emphasized that the bank has strengthened its market position, executed one of the largest deals in the country's banking sector, and maintained high financial stability. The bank's leadership views the upgrade as validation of its growth trajectory and a foundation for further development as a systemically important institution.
What's Next
ForteBank is expected to continue integrating Home Credit Bank and expanding its retail footprint. It remains to be seen whether the bank can sustain its credit metrics amid potential economic headwinds and competitive pressures in Kazakhstan's banking sector.
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Moody's upgrades ForteBank rating to Ba1 with stable outlook
