Almost certain likelihood of extraordinary government support due to critical importance of policy role in promoting Chinese exports and imports, and integral link with the government. Strong access to wholesale funding. Low profitability due to policy role. 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 reflects 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 movements will continue to move 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
