Entrenched franchise in China and Hong Kong, with better geographic diversification than peers'. Large customer deposit base supports funding and liquidity. Very high likelihood of receiving extraordinary support from the Chinese government. Potential asset quality pressure from slowing domestic economic growth. Ongoing domestic deposits competition puts pressure on net interest margin (NIM). 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 would remain very high for BOC in a distress scenario. We could downgrade BOC if we lower our
