S&P lowers Eurasia Insurance

Standard & Poor's said it lowered its long-term counterparty credit and insurer financial strength ratings on Eurasia Insurance Co. to B from B+ to equalize with the long-term rating on its new parent, JSC Eurasian Bank.

The outlook is positive.

At the same time, the outlook on Eurasian Bank was revised to positive from stable, the agency said, adding that the B/B counterparty credit ratings were affirmed.

Furthermore, S&P said it raised its Kazakhstan national-scale rating on Eurasian Bank to kzBBB- from kzBB+ and lowered its Kazakhstan national-scale rating on Eurasia Insurance to kzBBB- from kzBBB to equalize the ratings.

According to the agency, the ratings on Eurasian Bank reflect its modest customer franchise, the limited track record of the new strategy and rapid loan growth while positive rating factors include its wealthy and supportive shareholders, diversifying franchise and customer base, good profitability and adequate capitalization.

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