Kazakhstan-based insurer Tsesna-Garant's scale, concentration of its insurance portfolio, and negative operating performance make its business risk profile highly vulnerable, in our view. Following capital injections by shareholders, we have revised our assessment of capital and earnings to moderately strong. In addition, we now assess enterprise risk management as weak, reflecting the company's underwriting losses, which weigh on the rating. We are affirming our 'B' counterparty credit and financial strength ratings, and the 'kzBB+' national scale rating on Tsesna-Garant. The stable outlook reflects our expectation that Tsesna-Garant will maintain its moderately strong capital and earnings, offset by its still-weak competitive position in an international context. MOSCOW (Standard&Poor's) July 10, 2014--Standard&Poor's Ratings Services said today that it
