Core subsidiary of BoCom. The stable outlook on China-based Bank of Communications Financial Leasing Co. Ltd. (BoComFL) reflects our outlook on Bank of Communications Co. Ltd. (BoCom) because we expect the company to play a core role within the BoCom group. The stable outlook on Bocom Leasing Management Hong Kong Co. Ltd. reflects our view that the company will remain a core subsidiary to BoComFL and, in turn, will be core to the BoCom group for the next 24 months. The ratings and outlooks on the two entities will move in tandem with their direct and ultimate parent, BoCom. We could lower the ratings on BoComFL if we downgrade BoCom. We could also lower the ratings on BoComFL if the
