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Moody's revises outlook on ForteBank

Moody's on Oct. 13 affirmed JSC ForteBank's B3/NP long- and short-term local- and foreign-currency bank deposit ratings and revised the outlook on the long-term rating to positive from stable.

The rating agency affirmed the bank's Caa1 long-term local- and foreign-currency senior unsecured debt rating and revised its outlook to positive from stable as well.

Moody's also affirmed ForteBank's "caa1" baseline credit assessment and adjusted baseline credit assessment and B2(cr)/NP(cr) long- and short-term counterparty risk assessments.

The outlook revision is based on the gradual improvement in the lender's asset quality indicators and reserves coverage, supported by progress in the recovery of legacy problem loans, according to Moody's.