Almost certain likelihood of extraordinary support from the Chinese government. Adequate business position. Very weak capitalization. Risker loan portfolio because of fast credit growth. The rating on Export-Import Bank of China (China EXIM) reflects our view of an "almost certain" likelihood that the Chinese government would provide timely and sufficient extraordinary support to China EXIM in the event of the bank being under 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 our view of the following China EXIM characteristics: "Integral" link with the Chinese government, through 100% ownership and ongoing government intervention.
