S&P Global Ratings affirmed Freedom Holding Corp.’s international credit rating but revised its long-term outlook from stable to positive, according to a September 4, 2026 announcement from Freedom Holding. The outlook change also covered four named core subsidiaries. It is not itself an international rating upgrade.
What S&P changed
Freedom Holding’s announcement says S&P changed the long-term outlooks from stable to positive for the holding company and four core operating subsidiaries, while affirming their international credit ratings. The entities named were:
- Freedom Holding Corp.
- Freedom Finance JSC
- Freedom Finance Global PLC
- Freedom Finance Europe Ltd.
- Freedom Bank Kazakhstan JSC
The same announcement says S&P raised the Kazakhstan national-scale ratings of Freedom Finance JSC and Freedom Bank Kazakhstan JSC from kzA- to kzA. Those two national-scale rating increases are separate from the outlook revisions; they do not mean that every named entity received an international rating upgrade. The details here are attributed to Freedom Holding’s September 4, 2026 announcement, rather than a separately obtained S&P report.
Why the outlook reportedly turned positive
Freedom Holding’s account of S&P’s rationale points to moderate balance-sheet growth and earnings diversified across businesses and geographies as factors expected to support strong capitalization. It also cites ongoing development of group-wide risk management and consolidated compliance, with stronger controls at both group and subsidiary levels expected to help monitor risk as the business grows.
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The announcement connects the rating action to a more favorable view of Kazakhstan’s economic environment. It says S&P upgraded Kazakhstan’s sovereign credit ratings to “BBB/A-2” from “BBB-/A-3,” with a stable outlook, on August 21, 2026. According to the company’s summary, S&P cited resilient economic growth, easing economic imbalances and stronger regulatory oversight as factors that could improve conditions for the country’s financial sector. These points are the issuer’s summary of S&P’s reasoning, not a substitute for the agency’s full September report.
What a positive outlook means—and what it does not
An outlook signals the possible direction of a future rating decision; it is not a promise that a rating will change. Freedom Holding’s announcement says S&P could raise ratings 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 international ratings were affirmed in the September action.
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How this differs from earlier rating actions
The June 2025 outlook revision
In its June 26, 2025 action, S&P 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. That earlier action provides context for the September 2026 announcement: the holding company is now included among the entities reported to have a positive outlook. See S&P’s June 26, 2025 rating action.
The operating-subsidiary upgrades reported for June 2026
Freedom Holding’s September announcement also says S&P upgraded four operating subsidiaries to “BB-” in June 2026: Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC and Freedom Bank Kazakhstan JSC. Those reported upgrades were earlier rating changes. The September 2026 action changed outlooks and affirmed international ratings; the two national-scale increases from kzA- to kzA were a distinct part of that announcement.
Freedom Holding’s reported footprint
Freedom Holding Corp. reported operating in 24 countries in 2026, including Kazakhstan, the United States, multiple EU countries, Uzbekistan and Armenia. This is a company-reported footprint figure, not an S&P rating metric.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What remains unconfirmed in the public account
The September 4, 2026 announcement is distributed by Freedom Holding. The underlying September S&P report, including any additional rating metrics or downside sensitivities, is not established by that announcement. The 2025 S&P action is useful historical context, but it does not independently confirm the full rationale for the 2026 outlook revision.
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