We believe the Chinese government's view of BoCom's policy role has strengthened. This is supported by the bank's agile implementation of reforms and being in the same regulatory grouping as the big four banks. Our view of higher potential support to BoCom from the government offsets the bank's exposure to the higher economic risks in China, its core country of operations. We are affirming our 'A-' long-term and 'A-2' short-term issuer credit ratings on BoCom. The stable outlook on BoCom reflects our expectation that the bank can maintain resilient capitalization and financial performance, and its asset quality in line with its major peers over the next 12-24 months. We continue to view BOCOMFL as a core subsidiary of BoCom. As
