S&P takes Freedom Holding from watch

S&P said it affirmed its B- long-term issuer credit ratings on Freedom Holding Corp. (FRHC) and its subsidiary Freedom Finance JSC and removed them from CreditWatch negative, where they were placed on March 17. The outlook on the holding company is stable and the outlook on the subsidiary is positive.

“We expect FRHC to successfully carve out its Russian subsidiaries over 2022. This transaction will reduce the group's exposure to sanction-related disruptions. At the same time, we do not expect it to materially affect the group's earnings. It will likely continue serving Russian clients, subject to regulatory restrictions, that are onboarded outside Russia and act as a broker for the carved-out businesses as well,” S&P said in a press release.

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