Freedom Bank Kazakhstan Receives Its First Moody’s Rating at Ba3 with Stable Outlook

Rhea-AI Summary

Freedom Holding Corp (Nasdaq: FRHC) subsidiary Freedom Bank Kazakhstan received its first long-term deposit rating of Ba3 with a stable outlook from Moody’s on March 18, 2026. Moody’s cited solid capitalization, rapid customer and deposit growth, and development of retail and digital businesses.

The rating reflects the bank’s role in Freedom Holding’s integrated financial and digital ecosystem, a high-growth business-model transformation, and plans to diversify income, expand lending, and scale the SuperApp user base (5 million users; projected 8 million by year-end). The parent also holds a B- S&P rating with stable outlook.

Positive

• Moody’s Ba3 long-term deposit rating assigned with stable outlook
• SuperApp users reached 5 million, doubling over the past year
• Parent maintains B- S&P credit rating with stable outlook
• Ongoing international expansion: Tajikistan entry and bank acquisitions in Georgia and Turkey

Negative

• Moody’s notes the bank is in a high-growth phase, increasing execution risk
• Business-model transformation underway, implying near-term operational and integration challenges

News Market Reaction – FRHC

+1.31%

+1.31% Session close to close

In the Mar 18 session, FRHC gained 1.31%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights a key validation step: Moody’s first Ba3 long-term deposit rating with ...

Analysis

This announcement highlights a key validation step: Moody’s first Ba3 long-term deposit rating with a stable outlook for Freedom Bank Kazakhstan, alongside rapid SuperApp growth to 5 million users and ambitions to reach 8 million. It fits into FRHC’s broader expansion into new banking markets and digital ecosystems. Investors may track subsequent rating actions, user growth metrics, and profitability trends to gauge how this recognition translates into financial performance over the next 12–18 months.

Key Figures

Moody’s rating: Ba3, stable outlook Outlook horizon: 12–18 months SuperApp users: 5 million +1 more

4 metrics

Moody’s rating Ba3, stable outlook Long-term deposit rating for Freedom Bank Kazakhstan

Outlook horizon 12–18 months Period Moody’s expects balanced growth to be supported

SuperApp users 5 million Current Freedom Bank Kazakhstan SuperApp user base

Projected SuperApp users 8 million Management expectation by end of the year

Historical Context

5 past events · Latest: Mar 11 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 11	Bank acquisition deal	Positive	+3.5%	Agreed to acquire 99.32% of Turkish Bank A.Ş., expanding banking footprint.
Feb 10	Nine‑month results	Positive	+1.8%	Reported asset and equity expansion, strong cash flow, and customer growth.
Feb 09	Quarterly earnings	Positive	+1.8%	Detailed revenue and net income growth with rising brokerage and banking customers.
Nov 22	ESG report release	Positive	+1.0%	Published 2025 ESG report highlighting sizable external investments and social projects.
Nov 13	Branding/sponsorship	Positive	-1.7%	Announced FT Global Banking Summit sponsorship and ecosystem growth milestones.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent corporate and strategic news has generally coincided with positive share moves, with only one divergence on a marketing/sponsorship headline.

Recent Company History

Over the past several months, FRHC has reported balance-sheet growth and customer expansion, including $12.38B in total assets and rising equity and cash positions. Earnings releases in February 2026 produced modestly positive reactions, while an acquisition of Turkish Bank A.Ş. on 2026-03-11 also saw shares rise. Earlier ESG and branding initiatives in late 2025 had smaller, mixed price impacts. Today’s first Moody’s rating for Freedom Bank Kazakhstan fits into an ongoing narrative of regional expansion, digital growth and increasing international recognition.

Key Terms

long-term deposit rating, stable outlook, credit rating, SuperApp

4 terms

long-term deposit rating financial

"assigned its subsidiary, Freedom Bank Kazakhstan, a long-term deposit rating of Ba3"

A long-term deposit rating is an independent assessment of how likely a bank or financial institution is to honor customer deposits over several years, similar to a report card that measures long-term financial health. Investors and savers use it as a quick signal of stability: a higher rating means deposits are seen as safer and the institution can borrow more cheaply, while a lower rating suggests greater risk and potential costs or losses for creditors.

stable outlook financial

"Ba3 with a stable outlook. This marks Moody’s first rating of the bank"

A stable outlook is a credit-rating agency’s view that a company’s credit rating is unlikely to change over the medium term, indicating expected steadiness in its financial condition and ability to meet obligations. For investors it matters because a stable outlook signals lower likelihood of sudden changes to borrowing costs, dividend capacity or default risk—like a calm weather forecast, it helps set expectations about near-term risk and return.

credit rating financial

"supported by its “B-” credit rating with a stable outlook from S&P Global Ratings"

A credit rating is an independent assessment, usually given as a letter grade, of how likely a borrower is to repay its debt on time. It matters to investors because the rating signals how risky a bond or loan is — like a personal credit score for a company or government — and influences the interest the borrower must pay, the price investors will accept, and whether certain funds can hold that security.

View in glossary

SuperApp technical

"The number of SuperApp users reached 5 million, doubling over the past year"

A superapp is a single mobile application that bundles many everyday services — such as messaging, payments, shopping, ride-hailing and bookings — so users can do most tasks without leaving the app. Think of it as a digital mall or Swiss Army knife for smartphones. Investors care because a successful superapp can lock in users, create multiple revenue streams and lower costs of acquiring customers, but it also concentrates regulatory and competitive risks in one platform.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, March 18, 2026 (GLOBE NEWSWIRE) -- Freedom Holding Corp. (Nasdaq: FRHC), an international fintech group founded by entrepreneur Timur Turlov, announces that Moody’s Ratings has assigned its subsidiary, Freedom Bank Kazakhstan, a long-term deposit rating of Ba3 with a stable outlook. This marks Moody’s first rating of the bank and an important milestone in its development and international recognition.

The rating reflects the bank’s solid capitalization, dynamic growth in its customer base and deposit portfolio, and continued development of its retail and digital businesses. Moody’s also highlights the important role of Freedom Bank within the ecosystem of Freedom Holding Corp., which integrates financial and digital services.

The stable outlook reflects the agency’s expectation that the bank’s financial performance and business model will support balanced growth over the next 12–18 months. At the same time, the rating also takes into account the bank’s high-growth phase, including the ongoing transformation of its business model, a reduction in reliance on more volatile income sources, and the continued development of its lending operations.

Freedom Bank will continue to implement its strategy to diversify income sources, develop its loan portfolio, and improve operational efficiency.

In Kazakhstan, Freedom Bank is among the country’s largest financial institutions. The number of SuperApp users reached 5 million, doubling over the past year, and is expected to grow to 8 million by the end of the year.

As part of its broader growth strategy, CEO Timur Turlov plans to further scale the company’s SuperApp ecosystem while expanding Freedom Holding Corp.’s international banking footprint. The company has recently expanded into Tajikistan and is in the process of acquiring a bank in Georgia. It has also agreed to acquire a bank in Turkey, strengthening its presence in a key regional market. Freedom Holding Corp.’s strong financial position is further supported by its “B-” credit rating with a stable outlook from S&P Global Ratings.

About Freedom Bank Kazakhstan
Freedom Bank Kazakhstan is a universal bank within the ecosystem of Freedom Holding Corp., providing a wide range of financial services to both retail and corporate clients, including digital banking solutions, lending, investment, and insurance products. The bank also provides access to government services through its digital platform.

About Freedom Holding Corp.
Freedom Holding Corp. provides financial services in 21 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company's principal executive office is located in New York City. In Kazakhstan, Freedom is actively developing its financial and digital ecosystem, which includes Freedom Bank, Freedom Broker, the insurance companies Freedom Life and Freedom insurance, as well as a lifestyle segment that features Arbuz.kz, Freedom Ticketon, and Freedom Travel.

Freedom Holding Corp. shares are traded on the U.S. technology exchange NASDAQ, the Kazakhstan Stock Exchange (KASE), and the Astana International Exchange (AIX) under the ticker symbol FRHC. Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC) and the common stock is included in Russell 3000 Index.

Contact

PR Department
Natalia Kharlashina
Freedom Holding Corp.
prglobal@ffin.kz
+77013641454

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3b27a2fb-3380-451e-a004-0360f65c4829

FAQ

What rating did Moody’s assign to Freedom Bank Kazakhstan (FRHC) on March 18, 2026?

Moody’s assigned Freedom Bank Kazakhstan a Ba3 long-term deposit rating with a stable outlook. According to Freedom Holding, Moody’s cited the bank’s solid capitalization, rapid customer growth, and retail and digital development as reasons for the rating.

How many SuperApp users does Freedom Bank Kazakhstan report and what is the growth outlook for FRHC?

Freedom Bank reports 5 million SuperApp users, doubling over the past year. According to Freedom Holding, the company expects growth to 8 million users by year-end as it scales its SuperApp ecosystem and digital services.

How does the Moody’s Ba3 rating affect Freedom Holding Corp (Nasdaq: FRHC)?

The Moody’s Ba3 rating provides external credit recognition of the bank’s financial profile and growth. According to Freedom Holding, Moody’s highlighted capitalization and ecosystem importance, which could support investor confidence amid ongoing expansion and transformation.

What international expansion moves did Freedom Holding announce affecting FRHC in 2026?

Freedom Holding has expanded into Tajikistan and is acquiring a bank in Georgia, plus an agreed acquisition in Turkey. According to Freedom Holding, these moves aim to broaden its international banking footprint and scale cross-border services.

What risks did Moody’s identify for Freedom Bank Kazakhstan in its March 2026 rating?

Moody’s flagged the bank’s high-growth phase and business-model transformation as factors, reflecting execution and integration risks. According to Freedom Holding, Moody’s balanced these risks against strong capitalization and diversified retail and digital progress.

What other credit rating does Freedom Holding Corp report alongside the Moody’s action for FRHC?

Freedom Holding reports a B- credit rating from S&P Global Ratings with a stable outlook. According to Freedom Holding, the S&P rating further supports the group’s financial position amid its ongoing international expansion and digital strategy.