Moderately high likelihood of extraordinary government support Strong business stability owing to a long-established franchise Broad and healthy customer deposit base High property prices and private sector credit growth are potential sources of economic imbalance Potentially higher credit risk on China exposure, given the economic uncertainties The stable outlook on Standard Chartered Bank (Hong Kong) Ltd. (SCBHK) reflects our expectation that the Hong Kong-domiciled financial institution will maintain its robust business stability, adequate capitalization, healthy asset quality, and strong funding and liquidity profile over the next 12-24 months. We expect SCBHK's solid business and risk profile to help the bank offset any potential headwinds from prevailing economic uncertainties. We also anticipate that the bank will maintain its high systemic importance