S&P upgrades Freedom Holding units

S&P said it raised its long-term issuer credit ratings on Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global plc and Bank Freedom Finance Kazakhstan to B from B-.

At the same time, S&P affirmed its B- long-term ratings on Freedom Holding Corp. B-.

The outlooks are stable.

The agency also affirmed its B short-term issuer credit rating on the group's operating subsidiaries and raised the Kazakh national scale ratings on Freedom Finance JSC and Bank Freedom Finance Kazakhstan to kzBB+ from kzBB.

On Feb. 27, Freedom Holding announced it sold its Russian operations to management following the Russian Central Bank’s approval.

“We believe this significantly reduces the group's compliance-related risks,” S&P said in a news release.

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