Following a review of Kazakhstan-based Tsesna-Garant under our revised insurance criteria, we are affirming our 'B' and 'kzBB+' ratings on the company. The ratings predominantly reflect our view of Tsesna-Garant's highly vulnerable business risk profile and weak financial risk profile. The stable outlook reflects our expectation that Tsesna-Garant will maintain a very small capital base and moderate risk position through to 2015. On July 26, 2013, Standard&Poor's Ratings Services affirmed its 'B' insurer financial strength and counterparty credit ratings on Kazakhstan-based Insurance Company Tsesna-Garant JSC. The outlook is stable. At the same time, we affirmed the 'kzBB+' Kazakhstan national scale rating on the company. The ratings reflect our view of Tsesna-Garant's highly vulnerable business risk profile and weak
