Currently Standard&Poor's Ratings Services views Insurance Company Tsesna-Garant JSC's competitive position as less than adequate rather than weak following the fact that the company's market stance in Kazakhstan has strengthened following its improved operating performance and better risk selection. We continue to view industry and country risk as moderate because of the company's sole business focus on Kazakhstan. The financial risk profile is supported by moderately strong capitalization following a number of capital injections from shareholders. The company is becoming more exposed to credit risks stemming from investments in fixed-income Kazakh instruments, whose average credit quality has weakened to 'BB' from 'BBB'. These risks, combined with concentrations in the investment portfolio on the Kazakh banking sector, makes us
