Very high likelihood of extraordinary support from the Chinese government in case of distress. Sound franchise in China, and above-average business and geographic diversity. Lower profitability due to asset quality pressure from COVID-19 disruption and contraction in net interest margin. High reliance on wholesale funding relative to megabank peers'. The stable outlook on Bank of Communications Co. Ltd. (BoCom) reflects our expectation that the bank can maintain its adequate capitalization and earnings, and keep its asset quality in line with peers' over the next two years. We may downgrade BoCom if we lower our assessment of the bank's stand-alone credit profile (SACP) by two notches, or by one notch in conjunction with a downgrade of China. We may lower the
