In our view, Insurance Company Tsesna-Garant JSC's competitive position, operating results, and financial flexibility are weak. We are assigning our 'B' long-term and 'kzBB+' national scale ratings to Tsesna-Garant. The stable outlook reflects our expectation that Tsesna-Garant will maintain the strength of its financial profile reflected in marginal capitalization and adequate quality of investments despite rapid premium growth. On May 6, 2013, Standard&Poor's Ratings Services assigned its 'B' long-term counterparty credit and insurer financial strength ratings and 'kzBB+' Kazakhstan national scale rating to Kazakhstan-based Insurance Company Tsesna-Garant JSC. The outlook is stable. The ratings on Tsesna-Garant reflect our view of the company's weak competitive position based on its short track record, and its weak operating results and financial
