Fitch upgrades ForteBank

Fitch Ratings said it upgraded ForteBank JSC's long-term issuer default and senior unsecured ratings to BB from BB-.

“The upgrade reflects a significant reduction of net high-risk assets, including legacy exposures, which no longer materially weigh on the bank's company profile, asset quality and capitalization. The upgrade also captures a record of strong profitability metrics in the past four years and a solid liquidity profile,” Fitch said in a press release.

The outlook is stable.

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