Fitch upgrades ForteBank

Fitch Ratings said it upgraded ForteBank JSC's long-term issuer default ratings to B+ from B.

The outlook is positive.

The agency also upgraded the bank's viability rating to b+ from b.

“The upgrade of Forte's VR and long-term IDRs reflects Fitch's view of a material reduction of pressure on the bank's capitalisation from legacy asset-quality risks,” the agency said in a news release.

“This view is based on a moderate reduction of net legacy problem assets relative to capital in 2019-1H21, and on Forte's higher headline core capital ratio.

“The rating action also captures a record of strong profitability.”

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