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Following an improved assessment of risk in the banking sector of Kazakhstan, Freedom Holding Corp.’s largest operating market, S&P Global Ratings has revised the outlook on the long-term issuer credit ratings of the group and its four core subsidiaries from stable to positive. The long- and short-term ratings on the operating subsidiaries were affirmed at BB-/B, while the rating on Freedom Holding Corp. was affirmed at B-. S&P also raised the Kazakhstan national-scale ratings on Freedom Finance JSC and Freedom Bank Kazakhstan JSC to kzA from kzA-.
The subsidiaries covered by the action 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 revised its industry risk score for Kazakhstan from 7 to 6, citing continued improvement in banking regulation and supervision, the capital accumulated in the system and sovereign strength, which the agency expects to support financial stability through business and economic cycles. 🌐
Assessing the group's stand-alone credit profile, S&P describes Freedom Finance as "the largest retail brokerage franchise in Kazakhstan, with an expanding presence in Europe", complemented by banking and insurance operations.
"The positive outlook is a meaningful vote of confidence in the direction of Freedom24 and the wider group," said Evgenii Tiapkin, CEO of Freedom24. "It recognises the discipline we have built across capital management, compliance and risk governance. For us, the message is clear: sustainable growth must be earned through strong fundamentals. As Freedom24 expands across Europe, we will continue to scale the business without compromising the standards that underpin client trust."
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