Very high likelihood of extraordinary government support. Unique market position shaped by regulations. Listed company with better disclosure than peers. Concentrated exposure to property development. High inherent risks in distressed-asset purchases. Rapid asset growth. The rating on China Cinda Asset Management Co. Ltd. (Cinda) reflects the company's 'bb+' stand-alone credit profile (SACP), and four notches of support because of our view that there is a "very high" likelihood that the government of China may extend extraordinary financial support to Cinda if needed. Cinda's SACP is driven by our anchor assessment for Chinese finance companies, the prudential regulation of large Chinese asset management companies, and the company's unique and strong market position. Cinda's very fast asset growth that pressurizes its capitalization
