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Moody's upgrades ForteBank

Moody's on Sept. 27 upgraded 's long-term local- andforeign-currency deposit ratings to B3 from Caa1 and its senior unsecured debtratings to Caa1 from Caa2.

The outlook on these ratings is stable. Theagency also affirmed the Kazakh bank's short-term foreign-currency depositratings at Not Prime.

ForteBank's baseline and adjusted baseline creditassessments were upgraded to "caa1" from "caa2", reflectingthe agency's view of reduced corporate governance risks, improved profitabilityand progress in the recovery of problem loans. Moody's also upgraded thelong-term counterparty risk assessment to B2(cr) from B3(cr) and affirmed theshort-term counterparty risk assessment at Not Prime(cr).

The upgrade of ForteBank's ratings reflects reduced concernsrelated to the complex integration of the group's three predecessor banksfollowing their merger and its limited track record of operations,Moody's added.