Our stable outlooks on CASA and GCA's other core banking entities reflect our view that GCA will maintain the 'a' group SACP in the coming two years, with a leading franchise in its key business segments, especially domestic retail, asset management, and insurance. While we forecast that the deteriorating economic environment will generate increased credit risk, we expect GCA will keep disciplined underwriting standards and comparatively superior coverage of its impaired assets, reflecting its low-risk profile. We also expect that the group will sustain satisfactory cost efficiency and adequate capitalization. We believe that it will continue to demonstrate good resilience to changes in economic conditions while higher interest rates will progressively alleviate pressure on retail revenue. Our stable outlooks on
