Potential support from Bank of Communications, as a core subsidiary. Good business stability stemming from leveraging the parent's established domestic franchise. Prudent underwriting standards. Moderate capital buffer. Operates in China's highly competitive finance industry. High dependency on wholesale funding. The stable outlook on BOCOMFL reflects the rating outlook on BOCOM. It also reflects our expectation that the company will remain a core subsidiary over the next one to two years. The ratings on BOCOMFL will move in tandem with that on BOCOM. We could lower the ratings on BOCOMFL if its importance to the parent weakens. This could happen if the company's business model deviates from that of the group, or the parent divests a part of its stake in
