Very high likelihood of receiving extraordinary support from the Chinese government in the case of distress. Strong business position supported by a sound franchise in China and above-average business and geographic diversification. Operates predominantly in China, a country with relatively high economic risk. Higher reliance on wholesale funding than mega bank peers'. The stable outlook on Bank of Communications Co. Ltd. (BoCom) reflects our expectation that the bank can maintain its adequate capitalization and earnings, and asset quality in line with peers' over the next two years. We may downgrade BoCom if we lower our assessment of the bank's stand-alone credit profile (SACP) by two notches, or by one notch in conjunction with a downgrade of China. We may lower
