China Cinda Asset Management Co. Ltd.

Very high likelihood of extraordinary government support. Unique market position shaped by regulations. Listed company with better disclosure than peers'. Capital under pressure following proposed acquisition of NCB. Concentrated exposure to property development. High inherent risks in distressed-asset purchases. 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. Goodwill created from the

...The rating on China Cinda Asset Management Co. Ltd. (Cinda) reflects the company's '##+' 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. Goodwill created from the proposed acquisition of Nanyang Commercial Bank (NCB), Cinda's fast asset growth that pressurizes its capitalization, and the company's concentration in property development temper these strengths....

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