We believe BoCom's improved capitalization will provide a stronger buffer against the negative economic risk trend in China and a potentially weaker capability of the government to provide extraordinary support. We have therefore revised our assessment of BoCom's capital and earnings to adequate from moderate and our assessment of the bank's SACP to 'bbb' from 'bbb-'. We are revising our outlook to stable from negative and affirming our 'A-/A-2' issuer credit ratings and 'cnA-1' short-term Greater China regional scale rating on the China-based bank. In line with the outlook revision, we are raising our long-term regional scale rating on the bank to 'cnAA' from 'cnAA-'. The stable outlook on BoCom reflects our expectation that the bank can maintain resilient capitalization
