"Very high" likelihood of extraordinary government support. Strong franchise in mainland China and Hong Kong with above-average business and geographic diversification. Above-average funding and strong liquidity. Operates mainly in China, which has an economic risk score of '6'. Moderate capital and earnings strength. Moderate risk position due mainly to aggressive credit growth in the past few years. The stable outlook on BOC primarily reflects the stable outlook on the long-term sovereign credit rating on China. It also reflects our expectation that the bank could maintain its SACP and that the likelihood of extraordinary government support for BOC would remain "very high." We could raise the rating if we upgrade China and BOC's SACP improves to 'bbb'. An improvement in the
