We see MBHI's environmental and social factors as broadly in line with those of industry and domestic peers. With regard to governance, transparency standards are still below those of peers, driving our assessment. We will closely monitor whether the involvement of government associates or the government itself, through ownership of parts of the newly formed banking group, might lead to lower governance standards or government-directed lending. Potential interference by the government or state-affiliate businesses could distort market competition for other domestic players or reduce the overall stability of the banking system. The stable outlook reflects our view that MBHI will continue its transformation as part of the MBH group, maintaining leading positions in its core business, progressing on the restructuring,
