Very high likelihood of extraordinary government support. Unique market position because of regulations. Long record of distressed asset disposal and restructuring with satisfactory information disclosure. Banking subsidiary has relatively good credit quality High inherent risk in the distressed-asset management business. Earnings sensitive to intensifying competition in a slowing economy. Concentrated exposure to China's property sector. The stable outlook reflects our view that China Cinda Asset Management Co. Ltd. will retain its very important role to, and very strong link with, the Chinese government. The outlook also reflects our view that the group's nonbank financial institution (NBFI) segment will maintain leverage below 6.5x over the next 24 months. We expect the NBFI segment to maintain asset quality in line with its
