On May 20, 2016 we revised to negative from stable our outlook on Kazakhstan-based Tsesnabank, reflecting the bank's possible deterioration of asset quality. We continue to consider insurer Tsesna-Garant to be a strategically important subsidiary of Tsesnabank. That said, we see potential for less pressure on Tsesna-Garant in terms of business and funding ties with Tsesnabank, and we could potentially insulate the rating from that of the parent. Depending on whether or not we decide we can insulate the ratings, there would be potential for bidirectional ratings movement. We are therefore revising our outlook on Tsesna-Garant to developing from stable, and affirming our 'B+' insurer financial strength and counterparty credit ratings. The developing outlook reflects that we will be holding
