S&P Global Ratings revises Freedom Holding Corp outlook to positive

S&P Global Ratings has revised the outlook for Freedom Holding Corp and four of its key subsidiaries from stable to positive. This decision follows an improved risk assessment of the banking sector in Kazakhstan, the group's primary market, where S&P adjusted the industry risk score from 7 to 6 due to strengthened banking regulation. The agency affirmed the long-term and short-term issuer credit ratings for the operating subsidiaries at BB-/B, while maintaining the parent company's rating at B-.

The subsidiaries affected by this action include Freedom Finance JSC, Freedom Finance Global PLC, Freedom Bank Kazakhstan JSC, and Freedom Finance Europe Ltd, which operates under the brand name Freedom24. Additionally, S&P raised the Kazakhstan national-scale ratings for Freedom Finance JSC and Freedom Bank Kazakhstan JSC from kzA- to kzA.

This update marks the second positive rating action for the group since June 24, 2026, when the firm previously upgraded the subsidiaries' long-term issuer credit ratings from B+ to BB-. Evgenii Tiapkin, CEO of Freedom24, stated that the revision reflects the group's ongoing discipline in capital management, compliance, and risk governance.