The international rating agency S&P Global Ratings has announced an upgrade in the long-term credit ratings of four subsidiaries of Freedom Holding Corp.: Freedom Finance JSC, Freedom Finance Global PLC, Freedom Finance Europe Ltd, and Freedom Bank Kazakhstan JSC. Their ratings have been raised from “B” to “B+,” while their short-term credit ratings remain at “B.” Additionally, on the national scale, the ratings of Freedom Finance JSC and Freedom Bank Kazakhstan JSC have been upgraded from “kzBBB-” to “kzBBB”, DKnews.kz reports.
Freedom Holding Corp. itself retained its rating at “B-,” with its and its subsidiaries’ outlook remaining “stable.”
What led to the rating upgrades?
S&P analysts attribute these changes to several factors:
- Steady asset growth combined with strong financial performance.
- Diversified revenue streams both geographically and by source.
- Gradual improvements in risk management and compliance systems.
The analysts also emphasized that the current economic and sectoral stability in Kazakhstan, increased regulatory oversight, and the group’s measures to manage capital effectively are expected to positively impact business resilience over the next 12 months.
Success in other divisions
Previously, S&P upgraded the rating of Freedom Finance Insurance JSC from “B+” to “BB-,” with the outlook remaining “stable.” On the national scale, the company’s rating was raised from “kzBBB+” to “kzA-.”
Freedom Holding Corp. is a diversified international holding company providing a wide range of financial services, including:
- Brokerage and securities trading,
- Investment banking services,
- Insurance and mortgages,
- Online sales of airline tickets and tickets to cultural and sports events,
- Telecommunications and other services.
The holding employs over 7,500 staff, with operations in 22 countries, including Kazakhstan, the USA, Cyprus, Poland, Spain, and others. The company’s shares are traded on the Nasdaq stock exchange under the ticker FRHC.
What does this mean for investors and clients?
The rating upgrades confirm the stability of Freedom Holding Corp. and its subsidiaries, strengthening trust among investors and partners. It also signals reduced risks and ongoing stability in the key markets where the group operates.
The positive changes in ratings inspire confidence that Freedom Holding Corp. will continue to strengthen its position on the international stage and expand its capabilities in the financial services sector.
