Entrenched franchise in China and Hong Kong, with better geographic diversification than peers'. Funding and liquidity supported by a large customer deposits base. Very high likelihood of receiving extraordinary support from the Chinese government in the case of distress. Asset quality pressured by slower domestic economic growth. Narrowing net interest margins and slower fee-based income growth. The stable outlook on Bank of China Ltd. (BOC) reflects our view that the bank can maintain its credit profile over the next 12-24 months amid heightened economic uncertainty at home and abroad. The outlook also reflects our expectation that the likelihood of extraordinary support from the government of China in a distress scenario would remain very high for BOC. We could downgrade BOC
