International rating agency S&P Global Ratings revised its outlook on the long-term credit ratings of Kazakhstan-based Freedom Holding Corp and four of its key subsidiaries from stable to positive.
The subsidiaries’ ratings were affirmed at “BB-/B”, while the national scale ratings of JSC Freedom Finance and JSC Freedom Bank Kazakhstan were upgraded to “kzA”. This marks the second positive rating action for Freedom in recent months, following S&P’s upgrade of their long-term ratings from “B+” to “BB-” in June 2026. The agency attributed the outlook revision to Kazakhstan’s improving economic prospects, reduced risks for the financial sector, stronger risk management and compliance functions across the group, as well as solid financial performance and robust capitalization levels.
