In our view, the ratings on Tsesna-Garant are somewhat independent from those on its parent, Tsesnabank (B+/Negative/B), because of a regulatory framework that provides some protection against intervention from the parent, the company's track record of operations, and its lower reliance on parental support than in previous years. We therefore consider Tsesna-Garant to be an insulated subsidiary from Tsesnabank, and as such, the ratings on Tsesna-Garant can be a maximum of one notch above the long-term ratings on the parent. We are revising the outlook to stable from developing on Tsesna-Garant and affirming our 'B+' and 'kzBBB' ratings. The stable outlook reflects our expectation that Tsesna-Garant will maintain its financial risk profile over the next 12 months, in view of
