The stable outlook on BOC primarily reflects the stable outlook on the long-term sovereign credit rating on China. It also reflects our expectation that the bank could maintain its SACP and that the likelihood of extraordinary government support for BOC would remain "very high." We could raise the rating if we upgrade China and BOC's SACP improves to 'bbb'. An improvement in the bank's SACP to 'a-' could also trigger an upgrade. The SACP could benefit if: (1) BOC's capital is significantly enhanced, leading us to assess the bank's capital and earnings as "adequate;" or (2) BOC maintains a better-than-projected credit loss experience in a reasonably stressful environment, indicating at least an "adequate" risk position. We could lower the rating
