Fitch Ratings has affirmed Jet Finance's long-term Issuer Default Rating (IDR) at 'B-' and upgraded its national long-term rating from 'B+(kaz)' to 'BB-(kaz)'. The outlook on the international rating has been revised from Stable to Positive.
The revision of the outlook to Positive reflects the improvement in the company's business profile and structural reduction in currency risk: as of end-2025, all FX borrowings are fully hedged, underpinned by an internal policy that formally limits unhedged FX exposure. The upgrade of the national rating confirms that Jet Finance is steadily consolidating its position among Kazakhstan's financial institutions.
"Fitch's Positive outlook confirms that our model works: we are growing while maintaining portfolio quality and financial discipline, and consistently meeting our obligations to investors. In 2025, we paid out 6.5 billion tenge to investors. This is the result of systematic work, and it is on this foundation that we continue to scale our business."
— Azamat Seitbekov, Founder of Jet Finance
For full-year 2025, Jet Finance's net profit grew 695% to $9.6 million. The loan portfolio reached $98 million, representing growth of 249% year-on-year. Over this period, the company moved from 15th to 8th place by total assets and became the leader in net profit growth among the 25 largest MFIs in Kazakhstan.
Fitch also noted a significant improvement in FX risk management: as of end-2025, all of the company's foreign-currency borrowings are fully hedged, and its internal policy caps the share of unhedged foreign-currency obligations at no more than 50% of equity.
In 2026, Jet Finance will focus on delivering sustainable and predictable growth, further improving portfolio quality, and strengthening financial performance.
