S&P Global Ratings affirmed the B- long-term issuer credit rating for Freedom Holding Corp. (FRHC) with a stable outlook.
The agency also affirmed B+/B ratings for the company’s core bank and brokerage subsidiaries. Outlooks for these core subsidiaries remain positive.
The stable outlook reflects expectations that FRHC will refinance approximately $600 million in bond maturities. These debt obligations reach maturity between 2026 and 2027.
While core financial units met performance expectations, losses in non-financial segments increased. FRHC issued an additional $600 million in bonds to fund these non-financial operations. This new debt has resulted in a substantial increase in the company's double leverage.