On September 4, 2026, S&P Global Ratings revised its outlook on the long-term credit ratings of Nasdaq-listed Freedom Holding Corp. and four of its core operating subsidiaries from “stable” to “positive.” The agency affirmed all international credit ratings for the group and upgraded the national-scale ratings of Freedom Finance JSC (Freedom Broker) and Freedom Bank Kazakhstan JSC from “kzA-” to “kzA.” The positive outlook applies to Freedom Holding Corp., Freedom Finance JSC, Freedom Finance Global PLC, Freedom Finance Europe Ltd., and Freedom Bank Kazakhstan JSC.
An outlook revision is an important signal from a rating agency. Negative outlooks suggest an elevated chance of downgrade, while stable means that no move is probable. Positive means that S&P’s base-case assumptions point to an upgrade over a 12-, sometimes 24-month horizon. For Freedom, the action means the rating agency is more comfortable with the group’s credit profile than it was previously, and it gives investors a forward-looking basis for expecting improvement.
“The improved outlook from S&P underscores that, strategically, we are moving in the right direction. We chose not to develop each business in isolation, but to build our own global institutional ecosystem. At the same time, we are strengthening corporate governance and risk management and working to improve the efficiency of our business model across all the jurisdictions in which we operate. S&P’s positive outlook shows that this progress is being recognized by independent international rating agencies,” said Timur Turlov, CEO of Freedom Holding Corp.
S&P described Freedom as the largest retail brokerage franchise in Kazakhstan and emphasized the group’s growing footprint in Europe, alongside its banking and insurance operations in Kazakhstan. The agency expects that moderate balance-sheet growth and a revenue stream diversified by business and geography will continue to support strong capitalization. S&P also highlighted Freedom’s ongoing development of group-wide risk management and consolidated compliance functions.
S&P’s View on Risk and Governance
According to S&P’s credit analysis, stronger controls at both the group and subsidiary levels should help Freedom monitor and manage risks as it expands. S&P added that it expects the company to continue growing both financial and non-financial operations without placing undue pressure on capital. Those comments matter because rapid growth in financial services can often outpace governance, leading to missteps in underwriting, market risk, or regulatory compliance. By explicitly citing Freedom’s risk infrastructure, S&P is signaling that leadership understands the need to invest in back-office functions alongside customer-facing products.
The group’s expansion strategy extends to the digital ecosystem in Kazakhstan, where Freedom Bank, Freedom Broker, Freedom Life, and Freedom Insurance deliver financial services. The group also owns lifestyle brands such as Arbuz.kz, Freedom Ticketon, and Aviata. Through these platforms, Freedom obtains valuable data on consumer behavior and payment discipline, which can help it price credit and target product offerings. In S&P’s view, such a model increases diversification but only if risk management is consolidated at group level, which is exactly the area where the company has recently improved.
Kazakhstan’s Improving Economic Environment
The positive outlook does not come out of a vacuum. On August 21, 2026, S&P raised Kazakhstan’s sovereign credit ratings from “BBB-/A-3” to “BBB/A-2” and set a stable outlook. The agency noted resilient economic growth, easing macroeconomic imbalances, and better regulatory oversight as reasons for the upgrade. Because Freedom Holding Corp. still generates a substantial share of its earnings in Kazakhstan, the sovereign rating action changes the context in which S&P assesses the group’s creditworthiness.
A higher sovereign rating reduces the probability that a local operating environment shock will cause difficulties for a company like Freedom. It also helps the financial sector, as banks and securities firms benefit from a more predictable regulatory framework and stronger fiscal backdrop. S&P mentioned that the more favorable economic assessment of Kazakhstan contributed to its decision to revise Freedom’s outlook. This is particularly important given that Freedom is also developing a large international presence, which means its credit rating is no longer tied exclusively to Kazakhstan’s fortunes.
A Track Record of Rating Improvements
Freedom has already received several supportive rating actions from S&P in 2026. In June, the agency upgraded Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC to “BB-.” That marked a clear step up from the previous ratings and reflected improvements in the group’s capital buffers, earnings, and business diversity. The latest outlook revision to positive builds on the June action by signaling a further upgrade might occur within the next year.
International credit ratings are used by institutional investors, counterparties, and regulators to assess the probability of default. For a securities firm and bank, a higher rating can reduce the collateral required in trading counterparty arrangements, lower funding costs, and broaden access to debt capital markets. For customers, the ability of a broker to maintain adequate capital during stressed periods is a core reason they trust it with assets.
Company Profile and Regulatory Position
Freedom
Source:Finbold News