Moody’s assigns stable ratings to Freedom Bank

International credit rating agency Moody’s has assigned long-term credit ratings with a stable outlook to Freedom Bank Kazakhstan. This is the bank’s first such rating from one of the “Big Three” agencies. The rating reflects Freedom Bank’s financial resilience, the quality of its business model, and the level of confidence from international analysts.

The key deposit rating was assigned at Ba3, while the baseline credit assessment (BCA) stands at b1. According to the agency, an additional support factor is the likelihood of government support, which also contributes to the stable outlook.

Moody’s notes that Freedom Bank is a fast-growing universal bank focused on retail and digital services and a core part of the Freedom Holding Corp. ecosystem. At the same time, its business model is becoming more устойчивой: the bank is gradually reducing its reliance on volatile trading income and expanding traditional lending.

Credit risks remain moderate, while asset quality is stable. The agency also expects gradual profitability growth over the next 12–18 months. The bank maintains adequate capital and liquidity levels, and its deposit base continues to grow rapidly. This allows it to develop confidently even amid market uncertainty.

Overall, the Moody’s rating indicates that Freedom Bank is strengthening its market position and moving toward a more mature and sustainable business model.

Ratings from other agencies

Earlier, S&P Global Ratings also assigned a positive outlook to several subsidiaries of Freedom Holding Corp. The holding’s long-term credit rating was affirmed at “B-”, while key banking entities, including JSC Freedom Bank Kazakhstan, as well as brokerage companies, were rated at “B+/B.”

JSC Freedom Finance and JSC Freedom Bank Kazakhstan were also rated at “kzBBB+” on the national scale. International ratings of these and other group companies were affirmed with a positive outlook.

According to S&P Global Ratings, these assessments reflect significant progress in building a unified risk management and compliance system, as well as strengthening these processes across the entire Freedom Holding Corp. fintech group.

Geographic expansion and ecosystem growth

Positive assessments from rating agencies coincide with the active scaling of Freedom Holding Corp.’s business. The holding is currently in the process of obtaining approval for the acquisition of Turkish Bank A.Ş., which will mark a new stage in the development of its digital ecosystem.

The Freedom SuperApp banking application currently has over 5 million users – twice as many as six months ago. It has already become one of the fastest-growing digital banking platforms in Kazakhstan, and the company’s management believes similar success can be achieved in other markets. The founder and CEO of Freedom Holding Corp. has also noted that the SuperApp could eventually expand to the U.S. market.

The banking segment is also developing in other countries: in 2025, Freedom Bank launched operations in Tajikistan and received regulatory approval to open a bank in Georgia. Further expansion into European markets is also under consideration, where the group’s brokerage business is already present.

Taken together, the ratings from Moody’s and S&P Global Ratings reflect not only the bank’s current financial strength, but also the group’s ability to manage risks, build capital, and scale its business model. They serve as confirmation that the holding has the necessary resources – financial, technological, and managerial – to support further international expansion and the development of its ecosystem in new markets.