- S&P Global Ratings also noted Freedom Holding’s progress in establishing a unified risk management and compliance system.
New York, USA, March 6th, 2026, FinanceWire
Freedom Holding Corp., a Nasdaq-listed fintech group, has had its credit ratings confirmed by S&P Global Ratings, reflecting the company’s continued business expansion and development of its financial ecosystem.
S&P maintained the long-term issuer credit rating of Freedom Holding Corp. at “B-” with a Stable outlook. The ratings of its key operating subsidiaries – the brokerage and banking businesses – were confirmed at “B+/B” with a Positive outlook. The ratings of Freedom Finance JSC and Freedom Bank Kazakhstan JSC on Kazakhstan’s national scale were also confirmed at “kzBBB+.”
The group’s financial results for the nine months ended December 31, 2025, generally met analysts’ expectations. Freedom Holding’s assets increased by 25%, driven by the expansion of its banking and brokerage businesses. Freedom Holding’s loan portfolio grew by 24%, while profitability indicators began to recover. The ratio of operating income to risk-weighted assets rose from 1.0% to 1.8% year over year.
Although the holding company’s debt burden has increased, the rise is linked to active business expansion and investments in new growth areas. Freedom Holding continues to develop its brokerage and banking services, expanding investors’ access to international markets and strengthening its presence across multiple regions. One of Freedom Holding’s strategic priorities is the creation of a large-scale financial ecosystem.
“Maintaining a strong presence in the capital markets is very important for us. We believe that securing long-term, stable financing for our infrastructure and ecosystem projects is a key component of the holding’s sustainable growth,” said Freedom Holding Corp. CEO Timur Turlov.
“Freedom Holding Corp.’s equity currently exceeds $1.3 billion, and our total assets stand at around $10 billion. Therefore, despite the overall increase in our debt levels, we do not see any concerns at this stage. Several of our subsidiaries continue to demonstrate strong profitability, which allows us to maintain a balanced capital structure and manage the relationship between equity and debt without taking on significant risks,” Turlov added.
Financial Stability and Risk Management
S&P Global Ratings also noted Freedom Holding’s progress in establishing a unified risk management and compliance system across all of the group’s financial subsidiaries. According to the agency, the company’s risk-adjusted capital (RAC) ratio remains above 12%, which supports its credit profile.
The Positive outlook on the operating subsidiaries reflects analysts’ expectations that the group will continue strengthening its risk control systems, restoring profitability, and expanding market share both in Kazakhstan and internationally.
Investments in New Areas
In 2025, Freedom Holding Corp. issued $600 million in bonds to finance expansion into new sectors, including telecommunications projects. While these investments increased the holding company’s debt load, S&P expects the company will be able to successfully refinance its obligations.
According to Timur Turlov, investments in new industries are part of the company’s long-term strategy.
Freedom Holding is working on projects in artificial intelligence and digital infrastructure, including initiatives involving NVIDIA technologies to support high-performance computing and advanced data processing capabilities.
The company’s growing international profile is reflected by its inclusion in the Russell family of indices, which track the performance of publicly listed US companies and are widely used by global institutional investors. Leading institutional investors have also shown growing interest in the company. BlackRock, the world’s largest asset manager, is among Freedom Holding Corp.’s institutional shareholders.
S&P noted the possibility of upgrading the ratings of the group’s operating companies within the next 12 months if the company continues strengthening its risk management systems, maintains stable capital adequacy, and successfully implements its growth strategy.
About Freedom Holding Corp.
Freedom Holding Corp. provides financial services in 21 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company’s principal executive office is located in New York City. In Kazakhstan, Freedom Holding 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. Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC) and the common stock is included in Russell 3000 Index.
Website: https://www.freedomholdingcorp.com/
Contact
Head of Public Relations
Natalia Kharlashina
Freedom Holding Corp.
[email protected]
+77013641454