Almost certain likelihood of extraordinary government support. Strong access to wholesale funding. Low profitability due to policy role. Heightened asset quality pressure from COVID-19 disruptions globally and continued credit challenge in China. The stable outlook on Export-Import Bank of China (CEXIM) for the next two years is in line with our outlook on the sovereign credit rating on China (A+/Stable/A-1). Given the bank's integral link and critical role to the government, rating movements will continue to be in tandem with the sovereign. We could lower the rating on CEXIM if we downgrade China. This could happen if we see a higher likelihood that China will ease its efforts to stem rising financial risk to support economic expansion in an unsustainable
