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 lingering COVID-19 challenges. Eroding internal capital generation increasing bank's reliance on external capital raisings. The stable outlook on Bank of China Ltd. (BOC) reflects our view that the bank can maintain its credit profile over the next two years, 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 government support to remain extremely high for BOC in a
