S&P Revises Outlook on Freedom Holding Corp. and Core Subsidiaries to Positive
S&P raised Freedom’s Kazakhstan national-scale ratings and shifted the group’s long-term credit outlook to positive, signaling possible future upgrades.
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Rhea-AI Summary
Freedom Holding Corp. (FRHC) received a revised long-term credit rating outlook from S&P Global Ratings, moving from “stable” to “positive” for the parent company and four core subsidiaries.
S&P also upgraded the national-scale ratings of Freedom Finance JSC and Freedom Bank Kazakhstan JSC to “kzA” from “kzA-”, while affirming international ratings. The agency cites Kazakhstan’s largest retail brokerage franchise status, growing European presence, and diversified earnings across businesses and geographies, supported by strong capitalization and strengthened group-wide risk management. The positive outlook indicates ratings could be raised within 12 months if S&P’s assessment of economic risks in Kazakhstan improves further, following the recent upgrade of the country’s sovereign credit ratings.
Positive
- Outlook raised to positive from stable on long-term credit ratings for Freedom Holding Corp. and four core subsidiaries
- S&P upgraded national-scale ratings of Freedom Finance JSC and Freedom Bank Kazakhstan JSC to “kzA” from “kzA-”
- In June, S&P upgraded four Freedom subsidiaries to “BB-” international credit ratings
- S&P expects moderate balance-sheet growth and diversified earnings to support strong capitalization
- Agency highlights continued improvement in group-wide risk management and consolidated compliance functions
Negative
- Positive outlook does not yet include a full credit rating upgrade; any increase depends on improved economic risk assessment for Kazakhstan
- Potential rating upgrades are conditional on Kazakhstan’s economic environment, adding external macroeconomic dependence
Details
News Market Reaction – FRHC
On Sep 4, the day this news came out, FRHC closed 0.67% above the previous close.
Data tracked by StockTitan Argus for the Sep 4 session.
Key Figures
- Core subsidiaries
- 4 subsidiaries
- Covered by the positive outlook
- National-scale ratings
- kzA- to kzA
- Freedom Finance JSC and Freedom Bank Kazakhstan JSC
- Potential upgrade window
- 12 months
- S&P could raise ratings if Kazakhstan economic risks improve
- Kazakhstan sovereign ratings
- BBB/A-2 from BBB-/A-3
- S&P upgrade on August 21
- Subsidiary credit ratings
- BB-
- Four entities upgraded in June
Historical Context
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Turkish brokerage license and integration with Borsa İstanbul were announced.
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Revenue increased, but net income and diluted earnings per share declined year over year.
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Quarterly net revenue rose 40% alongside brokerage and banking revenue growth.
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FRHC completed its acquisition of 99.32% of Turkish Bank.
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FRHC completed a US$300 million ordinary share offering.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
long-term credit ratings regulatory
national-scale ratings regulatory
sovereign credit ratings regulatory
capitalization financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Sept. 04, 2026 (GLOBE NEWSWIRE) -- S&P Global Ratings has revised the outlook on the long-term credit ratings of Nasdaq-listed Freedom Holding Corp. and its four core operating subsidiaries from “stable” to “positive,” while affirming their international credit ratings.
The agency also raised the national-scale ratings of Freedom Finance JSC (Freedom Broker) and Freedom Bank Kazakhstan JSC from “kzA-” to “kzA.” The positive outlook applies to Freedom Holding Corp., Freedom Finance JSC, Freedom Finance Global PLC, Freedom Finance Europe Ltd., and Freedom Bank Kazakhstan JSC.
“The improved outlook from S&P underscores that, strategically, we are moving in the right direction. We chose not to develop each business in isolation, but to build our own global institutional ecosystem. At the same time, we are strengthening corporate governance and risk management and working to improve the efficiency of our business model across all the jurisdictions in which we operate. S&P’s positive outlook shows that this progress is being recognized by independent international rating agencies,” said Timur Turlov, CEO of Freedom Holding Corp.
S&P describes Freedom Finance as Kazakhstan’s largest retail brokerage franchise and notes the group’s growing presence in Europe, complemented by its banking and insurance businesses in Kazakhstan. The agency expects moderate balance-sheet growth and earnings diversified across businesses and geographies to support the group’s strong capitalization.
The agency also highlights Freedom’s continued development of group-wide risk management and consolidated compliance functions. S&P believes stronger controls at both group and subsidiary level should help the company monitor and manage risks as the business grows. It also expects Freedom to continue expanding its financial and non-financial businesses without putting undue pressure on capitalization.
The positive outlook means S&P could raise the ratings over the next 12 months if its assessment of economic risks in Kazakhstan improves further. The outlook revision comes against a more favorable assessment of Kazakhstan’s economic environment. On August 21, S&P upgraded Kazakhstan’s sovereign credit ratings to “BBB/A-2” from “BBB-/A-3,” with a stable outlook. The agency said resilient economic growth, easing economic imbalances and stronger regulatory oversight could contribute to better conditions for the country’s financial sector.
The latest action follows another positive S&P rating move earlier this year. In June, the agency upgraded Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC and Freedom Bank Kazakhstan JSC to “BB-.”
About Freedom Holding Corp.
Freedom Holding Corp. provides financial services in 24 countries, including Kazakhstan, the United States, multiple EU countries, 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 Aviata. 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 the Russell 3000 Index.
Contact
Natalia Kharlashina
Freedom Holding Corp.
prglobal@ffin.kz
+77013641454
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d4024829-af79-4ea6-82a8-5a4711b15483
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