High likelihood of extraordinary government support. Strong business position supported by a sound franchise in China and above-average business and geographic diversification. Above-average funding and adequate liquidity. Operates mainly in China, which has an economic risk score of 6. Moderate capital and earnings strength. Growing pressure on loan quality as the Chinese economy slows down. The stable outlook on Bank of Communications Co. Ltd. (BoCom) primarily reflects the stable outlook on the sovereign rating on China (AA-/Stable/A-1+; cnAAA/cnA-1+). It also reflects our expectation that BoCom will maintain an adequate buffer to absorb any potential volatility in its credit performance over the next 12-24 months. We also anticipate that the likelihood of extraordinary support from the Chinese government to the bank
