The long-term counterparty rating on Bank of China Ltd. (BOC) incorporates a four-notch uplift to the stand-alone credit profile (SACP) of 'bbb-' because we classify the bank as a government-related entity and believe there is a "very high" likelihood that the Chinese government would provide timely and sufficient extraordinary support if BOC comes under financial distress. In accordance with our criteria for government-related entities, our view of a "very high" likelihood of extraordinary government support is based on our assessment of the following BOC's characteristics: "Very important" role to the government. The government tends to treat the banking sector as a lever to realize its economic goals. We believe the major state-owned commercial banks, including BOC, provide core support for
