Almost certain likelihood of extraordinary government support due to the bank's policy-oriented role. Critical importance to, and integral link with, the Chinese government. Preferential treatment on capital requirements and zero-risk weights on issued bonds. Moderate financial profile as a result of policy role. Reliance on wholesale funding. The negative outlook on The Export-Import Bank of China (CEXIM) for the next two years 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 movements will likely be linked to those on the sovereign. We could lower the rating on CEXIM if the sovereign's willingness to support the bank declines. We believe this scenario
