We are revising the outlook on China Huarong to negative from stable to reflect the rising pressure from rapid risk asset expansion, particularly at its bank subsidiary, and a shift in its credit exposure to equity, subordinated, and mezzanine investments. We are affirming our 'A-' long-term and 'A-2' short-term issuer credit ratings on China Huarong to reflect the group's still-moderate capital position and largely comparable credit loss experience and our view of very high likelihood of extraordinary government support for it when needed. In line with the outlook revision, we are lowering our long-term Greater China regional scale rating on China Huarong to 'cnAA-' from 'cnAA', while affirming the 'cnA-1' short-term Greater China regional scale rating. We are also affirming
