BOCHK's disposal of equity stake in NCB provides the bank with a more solid capital buffer against the headwinds of China's economic slowdown and rebalancing. BOCHK's above average loan growth and ongoing acquisition of ASEAN businesses from its parent temper these benefits, in our view. We are affirming our 'A+' long-term and 'A-1' short-term issuer credit ratings on BOCHK. We are also affirming our 'cnAAA' long-term and 'cnA-1+' short-term Greater China regional scale ratings on the bank. We are also affirming the ratings on the bank's outstanding notes. The stable outlook reflects our expectation that BOCHK will maintain its strong business position, capital and earnings, and liquidity, and above-average funding profile over the next 24 months. On Oct. 25, 2016,
