An 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 the wholesale funding market. Persistent asset-quality challenges accentuated by the prolonged pandemic. Low profitability due to policy considerations. 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 that China will ease its efforts to stem rising financial risk
