In our view, Jusan Garant's competitive position is supported by improving technical profitability, but constrained by the market's modest size and challenging operating conditions in Kazakhstan. Jusan Garant has robust capital adequacy, but this is outweighed by its small absolute capitalization in an international context. We are affirming our 'B+' and 'kzBBB+' ratings on Jusan Garant. The outlook is stable because we expect Jusan Garant will maintain its business and financial profiles over the next 12 months. On Aug. 3, 2020, S&P Global Ratings affirmed its 'B+' long-term issuer credit and financial strength ratings on Kazakhstan-based Insurance Company Jusan Garant JSC. The outlook is stable. At the same time, we affirmed our 'kzBBB+' national scale rating on the company. We
