Core subsidiary of BOCOM. The negative outlook on BOCOMFL reflects our outlook on BOCOM, which, in turn, reflects the negative outlook on the long-term sovereign credit rating on China (AA-/Negative/A-1+; cnAAA/cnA-1+). The outlook also reflects our expectation that BOCOMFL will remain a core subsidiary of BOCOM over the next one to two years. We could lower the ratings on BOCOMFL if we downgrade BOCOM. We could also lower the ratings on BOCOMFL if the company's importance to the parent weakens. Such downside pressure could arise if: (1) the parent bank revises its strategy, lowering its support and commitment; (2) BOCOMFL faces execution issues in its business growth initiatives; (3) the company fails to deliver in line with the group's expectations;
