Our rating on BoCom reflects the bank's 'bbb-' anchor, its "strong" business position, "moderate" capital and earnings, "adequate" risk position, "above-average" funding, and "adequate" liquidity. The rating also reflects our classification of BoCom as a government-related entity and the "high" likelihood of extraordinary government support for the bank. We are assigning our 'A-2' short-term issuer credit rating and 'cnA-1' short-term Greater China regional scale rating to BoCom. We are also affirming our 'A-' long-term issuer credit rating and 'cnAA' long-term Greater China regional scale rating on the China-based bank. The stable outlook primarily reflects the stable outlook on the long-term sovereign rating on China. It also reflects our expectation that BoCom will have an adequate buffer for potential volatility in
