Entrenched franchise in China and Hong Kong, with better geographic diversification than peers'. Large customer deposit base supports funding and liquidity. Extremely high likelihood of receiving extraordinary support from the Chinese government. Potential asset quality pressure from COVID-19 growth shock. Pressure on overseas business from global demand weakness. Larger business risks compared with mega bank peers if U.S.-China relations deteriorate further. The stable outlook on Bank of China Ltd. (BOC) reflects our view that the bank can maintain its credit profile over the next 12-24 months, underpinned by its very strong business position, adequate capitalization, above-average funding, and strong liquidity profile. The outlook on BOC also reflects that on the sovereign rating on China. We expect the likelihood of extraordinary
