International rating agency S&P Global Ratings has revised its outlook on the long-term credit ratings of Kazakhstan’s Freedom Bank Kazakhstan JSC to positive from stable, affirming the ratings at “BB-/B”.
At the same time, S&P upgraded the bank’s national scale rating to “kzA” from “kzA-“. The positive outlook reflects the potential for a rating upgrade over the next 12 months. The agency’s decision stems from consistent improvements in banking regulation and supervision across Kazakhstan. S&P also upgraded its industry risk assessment for Kazakhstan’s banking sector to “6” from “7”. The outlook revision follows an upgrade of the Republic of Kazakhstan’s sovereign credit rating to “BBB/A-2”, published by the agency on August 21, 2026.
