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S&P Global Ratings affirmed the international credit ratings of Freedom Holding Corp. and four core subsidiaries, while revising their long-term outlooks from stable to positive, according to a Freedom Holding announcement dated September 4, 2026. That is an outlook change, not an international credit-rating upgrade. The company also reported separate Kazakhstan national-scale rating increases for two subsidiaries.
What S&P changed on September 4, 2026
Freedom Holding’s announcement says the positive outlooks apply to the holding company and four core operating subsidiaries. It reports that S&P affirmed their international credit ratings while changing the outlooks from stable to positive.
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- Freedom Holding Corp.
- Freedom Finance JSC
- Freedom Finance Global PLC
- Freedom Finance Europe Ltd.
- Freedom Bank Kazakhstan JSC
The company separately says S&P raised the Kazakhstan national-scale ratings of Freedom Finance JSC and Freedom Bank Kazakhstan JSC from kzA- to kzA. These national-scale changes are distinct from the affirmed international ratings. Freedom Holding announcement, September 4, 2026.
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Why the outlook reportedly turned positive
Freedom Holding’s release summarizes S&P’s rationale as a combination of a more favorable view of Kazakhstan’s economic environment and expectations about the group’s development. This is the issuer’s account of the agency’s reasoning; the underlying September 2026 S&P report is not cited here.
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Economic conditions in Kazakhstan
The company says S&P upgraded Kazakhstan’s sovereign ratings to BBB/A-2 from BBB-/A-3, with a stable outlook, on August 21, 2026. In the announcement’s summary, S&P pointed to resilient economic growth, easing economic imbalances, and stronger regulatory oversight as factors that could improve conditions for the country’s financial sector.
Growth, earnings and controls
The release says S&P expects moderate balance-sheet growth and earnings diversified across businesses and geographies to support strong capitalization. It also points to continued development of group-wide risk management and consolidated compliance, with stronger controls at both group and subsidiary level intended to help monitor risks as the business grows.
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Freedom Holding CEO Timur Turlov characterized the change this way: “The improved outlook from S&P underscores that, strategically, we are moving in the right direction.” That is management’s interpretation, not a quotation from S&P.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesDoes a positive outlook mean the ratings were upgraded?
No—not for the international ratings in this September action. An outlook describes the possible direction of a future rating decision; it does not itself change the rating. The company says S&P affirmed the international ratings and could raise them over the next 12 months if its assessment of economic risks in Kazakhstan improves further. That is a conditional possibility, not a scheduled or guaranteed upgrade.
The reported national-scale increases for Freedom Finance JSC and Freedom Bank Kazakhstan JSC are actual rating changes, but on Kazakhstan’s national scale. They do not mean that every entity named in the announcement received an international-rating upgrade.
How this differs from earlier rating actions
June 2026: operating-subsidiary rating upgrades
Freedom Holding’s September announcement says S&P upgraded Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC to BB- in June 2026. The September action followed those operating-subsidiary upgrades but changed outlooks rather than raising the international ratings again.
June 2025: the parent still had a stable outlook
In a June 26, 2025 action, S&P said it revised the outlook on core subsidiaries to positive from stable and affirmed their B+/B long- and short-term ratings. It maintained Freedom Holding Corp.’s B- rating with a stable outlook. S&P cited progress in consolidated risk management and compliance, moderated growth supporting capitalization, and franchise growth. The September 2026 announcement is notable because it now includes the parent company in the positive-outlook group, according to Freedom Holding. S&P Global Ratings, June 26, 2025.
Company footprint
Freedom Holding Corp. reported operating in 24 countries in 2026, including Kazakhstan, the United States, multiple EU countries, Uzbekistan, and Armenia. This is the company’s stated footprint, not a figure independently verified here.
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