Very high likelihood of extraordinary government support. Unique market position shaped by regulations. Lower leverage than peers'. Concentration in property development exposures. High inherent risks in distressed-asset purchases. Rapid asset growth. The rating on China Cinda Asset Management Co. Ltd. (Cinda) reflects the company's stand-alone credit profile (SACP) of 'bb+' and our view that there is a "very high" likelihood that the government of China may extend extraordinary financial support to Cinda if needed. We view Cinda as a government-related entity (GRE). In accordance with our criteria for GREs, our view of a "very high" likelihood of extraordinary government support is based on our assessment of the following Cinda characteristics: "Very strong" link with the government through Cinda's majority ownership
