The stable outlook reflects our view that China Cinda Asset Management Co. Ltd. (China Cinda) 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 nonbanking financial institutions (NBFI) segment will maintain leverage below 6.5x over the next 24 months. We believe the NBFI segment will maintain its asset quality and have manageable impairment charges on assets. We also expect the credit profile of the group's subsidiary Nanyang Commercial Bank Ltd. to remain stable. The stable outlook on China Cinda (HK) Holdings Co. Ltd. (Cinda HK) reflects our view that the company will remain a core subsidiary of China Cinda. As such, the ratings and outlook
