/KASE, September 12, 2023/ – ForteLeasing JSC (Almaty), whose shares are
officially listed on Kazakhstan Stock Exchange (KASE), has informed KASE
about the following:
quote
Fitch Ratings - Frankfurt am Main - 08 Sep 2023: Fitch Ratings has upgraded
JSC ForteLeasing (FL) Foreign-and Local-Currency Long-Term Issuer Default
Ratings (IDRs) to 'BB' from 'BB-' and National Long-Term Rating to 'A(kaz)' from
'A-(kaz)'. The Outlooks are Stable. Fitch has also upgraded FL's Shareholder
Support Rating (SSR) to 'bb' from 'bb-'.
The rating action follows the upgrade of ForteBank Joint Stock Company's (FB)
Long-Term IDRs to 'BB' from 'BB-' on 31 August 2023 (see 'Fitch Upgrades
ForteBank to 'BB'; Outlook Stable on www.fitchratings.com).
Strong Likelihood of Support: FL's ratings are driven by Fitch's assessment of
potential shareholder support and are equalised with FB's ratings, reflecting a
high level of management and operational integration, strong synergies with the
parent as the only entity providing leasing services to clients of the banking
group, and the high reputational risk to FB in case of FL's default, given the
same branding and full ownership. FB is one of the largest privately-owned
banks in Kazakhstan.
unquote
The complete press release in Kazakh and Russian languages is available at
https://kase.kz/files/emitters/TMLZ/tmlz_other_accidents_080923_1094.pdf
[2023-09-12]