S&P Revises Freedom Holding Outlook to Positive

8 sourcesUpdated Sep 7, 20261 min read

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S&P Revises Freedom Holding Outlook to Positive — © IJR

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S&P Global Ratings revised the outlook on Nasdaq-listed Freedom Holding Corp. and four core subsidiaries from stable to positive, citing stronger capitalization, diversified earnings and improving banking-sector conditions in Kazakhstan. The agency affirmed the subsidiaries’ international ratings at BB-/B and Freedom Holding’s rating at B-, while raising the national-scale ratings of Freedom Finance JSC and Freedom Bank Kazakhstan JSC to kzA from kzA-. The covered businesses are Freedom Finance JSC, Freedom Finance Global PLC, Freedom Bank Kazakhstan JSC and Freedom Finance Europe Ltd., which operates under the Freedom24 brand. S&P credited improved banking regulation and supervision, stronger capital across Kazakhstan’s financial system, the country’s sovereign strength and Freedom’s progress in consolidated risk management and compliance. The agency also expects easing inflation and lower interest rates to support household incomes, financial-market participation and securities firms. The positive outlook could lead to rating upgrades if the group sustains its capital strength, earnings diversification and risk controls.

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