December 12, 2024, Almaty
International agency S&P Global Ratings has upgraded the long-term credit ratings of Freedom Finance JSC, Freedom Finance Global PLC, Freedom Finance Europe Ltd and Freedom Bank Kazakhstan JSC from "B" to "B+" and affirmed their short-term credit ratings at "B". On the national scale, the ratings of Freedom Finance JSC and Freedom Bank Kazakhstan JSC have been upgraded from "kzBBB-" to "kzBBB". The rating of Freedom Holding Corp. has been affirmed at "B-".
"We expect that the planned moderate pace of balance sheet growth, combined with strong profit indicators, diversified by sources and geography, will support the strong capitalization of Freedom companies. The Group is gradually building its overall risk management and compliance system in relation to a large group with a large number of subsidiaries operating in different jurisdictions," - S&P Global Ratings noted in the report.
The stable outlooks on Freedom Holding Corp. and its main operating subsidiaries reflect S&P's expectations for the stability of the business portfolio and financial performance over the next 12 months amid declining economic and industry risks in Kazakhstan and increased regulatory oversight. In addition, the group's measures to strengthen its risk management and compliance systems, as well as planned moderate growth rates, are taken into account, which should support capitalization.
Earlier, S&P Global Ratings upgraded the rating of Freedom Finance Insurance JSC from B+ to BB-, with a stable outlook, on the national scale - from kzBBB+ to kzA-.
Reference:
Freedom Holding Corp. is a diversified financial services company engaged in brokerage, securities trading, investment research and consulting, investment banking and underwriting services, mortgages, insurance, telecommunications, online sales of airline tickets and tickets for cultural and sporting events, offers online supermarket services and many others. Taking into account its subsidiaries, Freedom Holding Corp. has more than 7.5 thousand employees. The holding's divisions and subsidiaries are located in 22 countries, including Kazakhstan, the USA, Cyprus, Poland, Spain, Uzbekistan, Azerbaijan and others. Freedom Holding Corp. ordinary shares are registered with the US Securities and Exchange Commission and trade under the ticker FRHC on the Nasdaq Capital Market.
Media contacts:
Ramina Fakhrutdinova – Advisor to the Chairman of the Board of Directors for PR, Freedom Finance JSC
E-mail: [email protected]
