"Very high" likelihood of extraordinary support from the Chinese government. Strong franchise in China and Hong Kong, with above-average business and geographic diversification. Above-average funding and strong liquidity. Exposure to rising economic risks in China and Hong Kong. Moderate capital buffer. Growing pressure on loan quality and interest margins in China. The stable outlook on Bank of China Ltd. (BOC) primarily reflects the stable outlook on the sovereign credit rating on China (AA-/Stable/A-1+; cnAAA/cnA-1+). The outlook also reflects our expectation that BOC could maintain its stand-alone credit profile (SACP) and that the likelihood of extraordinary government support for the bank will remain "very high" over the next 24 months at least. We could raise the rating if we upgrade China
