Almost certain likelihood of extraordinary government support due to the critical importance of CDB's policy role and integral link with the government. Good business position supported by a stable customer base and multi-pillar investment development strategy. Concentration of credit exposure to the corporate sector and significant off-balance-sheet commitments. Rapid shift in asset mix toward risky assets. The negative outlook on China Development Bank Corp. (CDB) is in line with the outlook on the sovereign credit rating on China (AA-/Negative/A-1+; cnAAA/cnA-1+). Given the bank's integral link and critical role to the government, future rating transitions are likely be linked to the sovereign. That said, we could lower the rating on CDB if the sovereign's willingness to support the bank declines. However,
