Our stable outlooks on CASA and the group's other core banking entities reflect our view that GCA will maintain its '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 the uncertain economy will generate increasing credit risk, we expect GCA will continue to adhere to disciplined underwriting standards and maintain good coverage of its impaired assets, reflecting its low risk profile. We also expect the group will maintain satisfactory cost efficiency, incrementally improve capitalization, and sustain its ALAC ratio at a level reflective of the one-notch rating uplift. We believe it will continue to demonstrate good resilience to changes in economic conditions,
