Freedom Holding Corp. says S&P Global Ratings downgraded ratings of the holding's subsidiaries

18.03.22 16:20
/KASE, March 18, 2022/ – Freedom Holding Corp. (USA), whose shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated March 18, 2022: quote S&P Global Ratings has downgraded the credit ratings of companies that are part of Freedom Holding Corp.: - PLC "IC "Freedom Finance" from В to ССС-; - JSC "Freedom Finance", "Bank Freedom Finance Kazakhstan", Freedom Finance Global PLC, Freedom Finance Europe Ltd. from B to B-. The rating downgrade follows the downgrade of Russia's sovereign credit ratings in foreign and local currency from BB+/B and BBB-/A-3 to CCC-/C, respectively; these ratings remain negative on the CreditWatch list. The transferability and convertibility estimates for Russia have also been revised downward from BBB- to CCC-. In this regard, now the Kazakh and European subsidiaries of the Holding have a higher rating than the sovereign rating of the Russian Federation. unquote The complete press release is available on KASE website – [2022-03-18]