S&P lifts Eurasia Insurance

S&P said it had raised its long-term issuer credit rating on Eurasia Insurance Co. to BBB- from BB+.

The outlook is stable.

The agency also raised the Kazakhstan national scale rating to kzAAA from kzAA+.

“The upgrade reflects our view that Eurasia's competitive position has strengthened over the past two years,” S&P said in a news release.

“The company managed to retain its leading position in the property/casualty (P/C) insurance sector in Kazakhstan while expanding into international reinsurance amid challenging economic conditions in Kazakhstan and a soft pricing environment in global reinsurance markets.”

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