...Home Credit Bank JSC (SB of ForteBank JSC)'s (HCBK) Long-Term (LT) Issuer Default Ratings (IDRs) are driven by its `bb-' Viability Rating (VR) and underpinned by potential support from ForteBank JSC (Forte; BB/Stable), as reflected by the `bb-' Shareholder Support Rating (SSR). The VR captures the bank's limited and niche franchise in retail lending, which could translate into volatile asset quality through the credit cycle, and weaker funding profile than domestic peers'. The VR also incorporates HCBK's reasonable capitalisation and robust profitability. HCBK's National LT Rating of `BBB+(kaz)' reflects the bank's creditworthiness relative to other issuers in Kazakhstan. Niche Retail Franchise: HCBK is a small bank, with a 2% share of sector assets as of 1 September 2026, specialising in unsecured retail lending. The bank's elevated exposure to higher-risk assets is mitigated by wide margins on its lending products. Following its acquisition by Forte in 4Q25, Fitch Ratings expects HCBK...
