Very high likelihood of extraordinary government support. Unique market position shaped by regulations. Listed company with better disclosure than peers'. Increasing sensitivity of assets to fluctuating market prices. Concentrated exposure to property development. High inherent risks in distressed-asset purchases. The stable outlook on China Cinda reflects our view that the group's non-bank business will maintain a leverage ratio of 4.51x-6.5x over the next 12-18 months, loan quality in line with peers', and manageable impairment charges on non-credit assets. The stable outlook also reflects our view that Cinda HK will maintain its sound asset quality and capital strength. We are likely to downgrade China Cinda if one or more of the following occurs: Its non-bank business deteriorates significantly. This could occur
