S&P Global upgrades Freedom Holding's outlook to positive on improved Kazakhstan banking prospects
S&P Global Ratings has upgraded the outlook on Freedom Holding Corp and four key subsidiaries from stable to positive, citing strengthened capitalization, diversified earnings, and reduced banking-sector risks in Kazakhstan. The ratings agency maintained the subsidiaries' credit ratings at BB-/B while the parent company's rating stayed at B-. The upgrade highlights the group's enhanced risk management and compliance structures across multiple jurisdictions.
Following Kazakhstan's sovereign rating upgrade and a lowered industry risk score for the banking sector, S&P noted improved financial stability and expected easing inflation to boost disposable income and market participation. Freedom Holding reported a 40% year-on-year increase in net revenue to $732.5 million for Q1 fiscal 2027, with total assets rising to $14 billion.
The positive outlook also anticipates a potential upgrade in economic risk assessment for Kazakhstan over the next year, which would benefit domestic banking and securities firms. Freedom24's CEO Evgenii Tiapkin emphasized the group's commitment to sustainable growth and maintaining client trust while expanding across Europe.
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