/KASE, August 29, 2023/ – LIC Freedom Finance Life JSC (Almaty), whose
shares are officially listed on Kazakhstan Stock Exchange (KASE), has informed
KASE about the following:
quote
On August 24, 2023, the rating agency S&P Global Ratings affirmed the long-
term issuer credit rating and the financial strength rating of LIC "Freedom
Finance Life" JSC (FFL) on the international scale at "BB-" and on the national
scale – at "kzA-". Outlook "Stable".
The affirmation follows the placement of the parent company's rating on
CreditWatch with negative expectations.
S&P Global Ratings:
"We placed Freedom Holding Corp., which owns FFL through its Kazakh
subsidiary Freedom Finance JSC, on CreditWatch with negative expectations
due to potential weaknesses in corporate governance and risk management.
However, we believe that the problems experienced by the parent will not impact
FFL's business and continue to apply our stand-alone criteria to FFL, to reflect
the independence of its operations from the parent company. As a result, we
affirmed our FFL credit ratings at "BВ-" and "kzА-". The "Stable" outlook
reflects our view that FFL's business and financial risk profile, in particular
the company's reputation and capital adequacy, will remain unchanged over the
next 12 months."
unquote
This information is available -
https://kase.kz/files/emitters/ASLF/aslf_rat i
ng_240823_2098.pdf
[2023-08-29]