...MOSCOW (S&P Global Ratings) Feb. 10, 2017--S&P Global Ratings said today that its ratings on Kazakhstan-based Insurance Company Tsesna-Garant JSC (B+/Stable/--; 'kzBBB') are not affected by the announcement that its parent bank, Tsesnabank (B+/Negative/B; 'kzBBB-'), has been chosen as one of the preferred buyers for a 41.9% stake in Bank CenterCredit JSC (B/Stable/B; 'kzBB+'). The deal is subject to regulatory approval, which is expected to occur in the second quarter of 2017. The ratings on Tsesna-Garant, which is insulated from its parent, continue to reflect the insurer's stand-alone credit characteristics, including our view of its vulnerable business risk profile and weak financial risk profile. We regard the company's enterprise risk management as weak but improving. The rating on Tsesna-Garant is currently at the same level as our rating on Tsesnabank. Because we consider the insurer to be insulated from its parent, the rating on Tsesna-Garant can be up to one notch higher. This...
