Summary: Bank of Communications Co. Ltd.

The stable outlook primarily reflects the stable outlook on the long-term sovereign credit rating on China. The outlook also reflects our expectation that BoCom's will have an adequate buffer for potential volatility in its credit performance, as reflected in its financial metrics. We also anticipate that the "high" likelihood of extraordinary government support will remain available to the bank. We may raise the rating if the BoCom's SACP improves substantially. The SACP could benefit if: (1) the bank significantly enhances capital, leading to our assessment that its capital and earnings are "adequate;" (2) its liquidity management is more conservative, resulting in "strong" funding and liquidity; or (3) the bank sustains a better-than-projected credit loss experience in a reasonably distressed economic

RESEARCH Summary: Bank of Communications Co. Ltd. Publication date: 03-Dec-2012 Primary Credit Analyst: Terry Sham, CFA, FRM, Hong Kong (852) 2533-3590; terry_sham@standardandpoors.com Secondary Contact: Andy Chang, CFA, FRM, Taipei...

Summary