Jusan Garant has recovered its regulatory solvency consistently above the required minimum and recovered its capital adequacy to the 'AA' level of S&P Global Ratings' risk-based capital model. We think the risk of regulatory action is now remote. We therefore revised our outlook on Jusan Garant to stable from negative, and affirmed our 'BB-' long-term issuer credit and financial strengths ratings and 'kzA-' Kazakh national scale rating on the insurer. The stable outlook reflects our expectation that Jusan Garant will maintain its competitive standing together with good underwriting performance, at least strong capital adequacy, and an average investment portfolio quality at the 'BBB-' level. On Feb. 14, 2023, S&P Global Ratings revised its outlook on Kazakhstan-based insurer Jusan Garant to
