Following a review of BOC under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have raised our counterparty credit ratings on BOC to 'A/A-1' from 'A-/A-2'. The outlook on the long-term rating is stable. The ratings reflect the bank's 'bbb-' anchor and the bank's "strong" business position, "moderate" capital and earnings, "moderate" risk position, "above-average" funding, and "strong" liquidity. The ratings also reflect our classification of BOC as a government-related entity and our view of the "very high" likelihood of extraordinary government support for the bank. The stable outlook primarily reflects the stable outlook on the long-term rating on China. It also reflects our expectation that BOC could maintain its stand-alone credit profile and the likelihood
