Very important policy role and very strong link with the government. Unique market position shaped by regulation. Diversified financial services. Concentration in property development exposures. Inherent high risk in distressed-asset purchases. The rating reflects China Huarong Asset Management Co. Ltd.'s stand-alone credit profile (SACP) of 'bb+' and our view that the company is a government-related entity (GRE) with a "very high" likelihood of extraordinary support from the government of China if needed. In accordance with our criteria for GREs, this view is based on our assessment of the following China Huarong characteristics: "Very strong" link with the government through majority ownership by the Ministry of Finance (MoF). The ministry owns 77.49% of China Huarong and we expect it to retain
