In our view, Jusan Garant's enterprise risk management (ERM) has improved in 2018, in particular regarding underwriting controls, which support technical profitability and assessment and mitigation of catastrophic risk exposure. We believe the company will gradually improve its operating performance with no deterioration of its stand-alone credit quality, despite challenges faced by parent Jusan Bank in late 2018 and early 2019. Consequently, we are revising the outlook to stable from negative, raising the national scale rating to 'kzBBB+' from 'kzBBB' and affirming the 'B+' issuer credit rating. The stable outlook reflects our expectation that Jusan Garant will maintain its business and financial profiles over the next 12 months, in view of its sufficient capital and earnings, and strong liquidity. On
