S&P Upgrades Freedom Holding Corp. Credit Ratings to Positive Outlook

NEW YORK, Sept. 04, 2026 /CourierPR/ -- Freedom Holding Corp. and its core subsidiaries have seen their outlooks revised to positive by S&P Global Ratings, a move that reflects the company’s strategic progress and improved risk management.

S&P has upgraded the long-term credit ratings of Freedom Holding Corp. and its four core operating subsidiaries, while affirming their international credit ratings. The outlook is now positive for Freedom Finance JSC (Freedom Broker) and Freedom Bank Kazakhstan JSC, with their national-scale ratings raised from “kzA-” to “kzA.”

Timur Turlov, CEO of Freedom Holding Corp., stated, "The improved outlook from S&P underscores our strategic direction. We have chosen to build a global institutional ecosystem rather than develop each business in isolation. At the same time, we are enhancing corporate governance and risk management while improving the efficiency of our business model across all jurisdictions. This progress is recognized by international rating agencies."

S&P Global Ratings highlights Freedom Finance as Kazakhstan's largest retail brokerage franchise and notes the group's growing presence in Europe. The company's banking and insurance businesses in Kazakhstan are also recognized. The agency expects moderate balance-sheet growth and earnings diversification to support the group's strong capitalization.

Additionally, S&P praises Freedom’s ongoing development of group-wide risk management and consolidated compliance functions. The agency believes that stronger controls at both group and subsidiary levels will aid in risk monitoring and management as the business grows. S&P also expects Freedom to continue expanding its financial and non-financial businesses without overburdening its capitalization.

The positive outlook means S&P could raise the ratings within the next 12 months if its assessment of economic risks in Kazakhstan improves. This comes against a backdrop of a more favorable economic environment for Kazakhstan, where S&P recently upgraded the country’s sovereign credit ratings to “BBB/A-2” from “BBB-/A-3,” with a stable outlook. The agency cited resilient economic growth, easing economic imbalances, and stronger regulatory oversight as potential contributors to better conditions for the country's financial sector.

This latest positive move follows another S&P upgrade earlier this year, when the agency raised the ratings of Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC to “BB-.”

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. The company is regulated by the U.S. Securities and Exchange Commission (SEC) and the common stock is included in the Russell 3000 Index.