ACRA has upgraded the rating of FORA BANK

AK&M 17 July 2024 12:28

On June 13, 2024, the analytical credit rating agency upgraded the credit rating of FORA-BANK (JSC) to BB-(RU), with a stable outlook. This is stated in the agency's message.       

The increase in the credit rating of JSCB FORA-BANK (JSC) by one step to BB-(RU), the forecast is "Stable", is due to the bank's time-proven ability to maintain the average capital generation coefficient calculated over 5 years at a level above 50 bps, and is also due to ACRA's expectations regarding the preservation of This indicator will be higher than the indicated mark in the next 12-18 months. The credit rating is now determined based on adequate capitalization and profitability, a limited assessment of the business profile, a critical risk profile, as well as an adequate funding and liquidity position.

JSCB FORA-BANK (JSC) is a credit institution that operates within the perimeter of a large diversified group of companies and specializes in servicing small and medium—sized businesses with an emphasis on the construction and real estate sector, along with trade and manufacturing. The Bank also provides settlement and cash services for legal entities, as well as a wide range of services for individual clients. According to the Agency, in business development, the bank actively relies, among other things, on the connections of the owners and the main beneficiary, who is also the main owner of the previously mentioned group of companies.