On Nov. 30, 2018, we downgraded Tsesnabank, the parent of Tsesna-Garant, to 'B-', but we believe that Tsesna-Garant's stand-alone credit quality will remain unaffected by the financial challenges its parent faces. We also believe the regulatory framework in Kazakhstan will prevent Tsesna-Garant from supporting the group to an extent that would impair its stand-alone creditworthiness. Consequently, we are delinking our ratings on Tsesna-Garant from the group credit profile and affirming them at 'B+' and 'kzBBB'. The negative outlook reflects our concerns that there could still be an adverse impact on Tsesna-Garant's reputation, client base, and ability to attract new clients, stemming from its parent's financial situation, which may affect the insurer's competitive position and capital management. On Dec. 11, 2018,
