Moody's Upgrades ForteBank JSC's Deposit Rating to B3
OREANDA-NEWS. Moody's Investors Service has today upgraded ForteBank JSC's long-term local- and foreign-currency deposit ratings to B3 from Caa1 and its senior unsecured debt ratings to Caa1 from Caa2. The outlook on these ratings is stable. Furthermore, the subordinated debt rating was upgraded to Caa2 from Caa3 and the short-term foreign-currency deposit rating was affirmed at NP. ForteBank's baseline credit assessment (BCA) and adjusted BCA were upgraded to caa1 from caa2, reflecting reduced corporate governance risks, improved profitability and progress in the recovery of problem loans. The long-term Counterparty Risk Assessment (CRA) was upgraded to B2(cr) from B3(cr) and the short-term CRA was affirmed at NP(cr).