"Very high" likelihood of extraordinary government support Strong franchise in mainland China and Hong Kong underpinned by its 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 its aggressive credit growth in the past few years The long-term counterparty rating on Bank of China Ltd. (BOC) incorporates a four-notch uplift to the stand-alone credit profile (SACP) of 'bbb-' because we classify the bank as a government-related entity and believe there is a "very high" likelihood that the Chinese government would provide timely and sufficient extraordinary support if BOC comes under financial distress. In accordance with our
