S&P Revises Freedom Holding Outlook to Positive on Kazakhstan Banking Improvements

Astana, Kazakhstan. S&P Global Ratings has revised the outlook on Freedom Holding Corp and four core subsidiaries from stable to positive, citing an improved assessment of banking-sector risks in Kazakhstan, stronger capitalisation and diversified earnings.

The agency affirmed the operating subsidiaries’ long- and short-term issuer credit ratings at BB-/B, while Freedom Holding Corp’s rating remained at B-.

Subsidiaries covered

The latest rating action covers Freedom Finance JSC, Freedom Finance Global PLC, Freedom Bank Kazakhstan JSC and Freedom Finance Europe Ltd, which operates under the Freedom24 brand.

S&P also raised the Kazakhstan national-scale ratings of Freedom Finance JSC and Freedom Bank Kazakhstan JSC to kzA from kzA-.

“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,” he added.

Second positive action since June

The outlook revision is the group’s second positive rating action since June.

On June 24, 2026, S&P raised the long-term issuer credit ratings of the four operating subsidiaries from B+ to BB-, with stable outlooks. The agency cited continued progress in developing consolidated risk management and compliance functions across the group.

Kazakhstan banking-sector assessment

S&P subsequently revised its industry risk score for Kazakhstan from 7 to 6, pointing to continued improvements in banking regulation and supervision, capital accumulated within the financial system and the country’s sovereign strength.

The agency said these factors were expected to support financial stability and that the industry risk trend was now considered stable.