Very high likelihood of extraordinary government support. Unique market position shaped by regulations. Listed company with better disclosure than peers'. Capital under pressure following proposed acquisition of NCB. Concentrated exposure to property development. High inherent risks in distressed-asset purchases. The CreditWatch negative placement on Cinda reflects the one-off hit on the company's capitalization from substantial goodwill created from the proposed acquisition of NCB, and uncertainties around the adequacy and timing of capital-raising initiatives to cover capital needs to a level that would underpin the rating. We aim to resolve the CreditWatch placement upon the completion of the NCB acquisition and no later than June 2016. In doing so, we would seek to understand how and when China Cinda could restore
