We have classified Bank of Communications Co. Ltd. (BoCom) as a government-related entity and incorporated a three-notch uplift to the ICR from the stand-alone credit profile (SACP) of 'bbb-' to reflect a "high" likelihood that the central government of China (AA-/Stable/A-1+; cnAAA/cnA-1+) would provide timely and sufficient extraordinary support in the event of the bank's financial distress. In accordance with our criteria for government-related entities, our view of a "high" likelihood of extraordinary government support is based on our assessment of the following BoCom's characteristics: "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 BoCom, provide core support for the
