Almost certain likelihood of extraordinary government support due to the critical importance of CDB's policy role and integral link with the government. Strong access to wholesale funding market. Declining profitability due to the bank's policy role. Growing asset quality challenges, heightened by the COVID-19 outbreak, as it undertakes policy lending in domestic and overseas markets. The stable outlook on China Development Bank (CDB) is in line with the outlook on the sovereign credit rating on China (A+/Stable/A-1). Given the bank's integral link and critical role to the government, future rating transitions will continue to move in tandem with the sovereign. We could lower the rating on CDB if we downgrade China. This could happen if we see a higher likelihood
