The rating on the Export-Import Bank of China (China EXIM) reflects our view that there is an "almost certain" likelihood that the Chinese government would provide timely and sufficient extraordinary support to China EXIM in the event of financial distress. We have therefore equalized the issuer credit rating on China EXIM with the sovereign credit rating on China (AA-/Stable/A-1+; cnAAA/cnA-1+). In accordance with our criteria for government-related entities, our rating approach is based on the following China EXIM characteristics: "Integral" link with the Chinese government, through 100% ownership and ongoing government supervision; and "Critical" role because of the bank's policy role in promoting foreign trade. China EXIM's original focus was on providing trade credit to promote the country's exports. In
