IDF Eurasia Kazakhstan’s international credit rating rises to ‘B-’

S&P Global Ratings has raised the international credit rating on OnlineKazFinance (one of IDF Eurasia’s entities operating under the Solva brand) from ‘CCC+/C’ to ‘B-/B’1.

According to S&P Global Ratings, on 8 July 2022, IDF Holding transferred ownership of its assets in Kazakhstan (incl. OnlineKazFinance) to Solva Group – separating its Kazakhstani and Russian assets1. S&P Global Ratings states that as a result, they believe the new group and legal entity will shield OnlineKazFinance from most of the financial and operational risks relating to the Russian business1.

S&P Global Ratings has also stated that the outlook for OnlineKazFinance is stable because of the benefits OnlineKazFinance may receive from its planned conversion into a licensed bank – which would support its creditworthiness1.

According to S&P Global Ratings, “the rationale behind the credit rating increase was:

  • The corporate restructuring is insulating OnlineKazFinance from risks relating to its parent company’s Russian operations.
  • The new group focuses more on transitional and SME financing rather than payday lending.
  • The nonbank financial institution anchor for Kazakhstan is ‘b’, which is one notch below the anchor for domestic banks.
  • OnlineKazFinance’s objective is to obtain a banking license in 2023, which may be positive for its creditworthiness.
  • A banking license is likely to strengthen OnlineKazFinance’s funding and liquidity profile.
  • We see OnlineKazFinance’s combined capital, earnings, and risk position as a neutral rating factor.”1

About IDF Eurasia

IDF Eurasia is the market leader in online lending in Kazakhstan. The company operates under the Solva brand. IDF Eurasia makes borrowing money convenient and affordable to anyone with an internet connection. The company uses state-of-the-art technology in its decision-making system, adheres to principles of responsible lending, and contributes to the sustainable financial development of society. IDF Eurasia has been recognized as the most innovative financial company by the Innovation Time Award. Solva has entered the list of top five major MFIs according to the National Bank of Kazakhstan.


  1. S&P Global Ratings Research Update, 26 July 2022: Kazakhstan-Based OnlineKazFinance, Ratings Raised To ‘B-’ On Corporate Restructuring; Off CreditWatch; Outlook Stable


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