Our stable outlooks on CASA and GCA's other core banking entities reflect our view that GCA will maintain the 'a' group SACP in the coming two years, with a leading franchise in its key business segments, especially domestic retail, asset management, and insurance. While we forecast the deteriorated economic environment to continue to generate material credit risk, we expect GCA will keep disciplined underwriting standards and comparatively superior coverage of its impaired assets, reflecting its low-risk profile. We also expect the group to maintain satisfactory cost efficiency, further improve capitalization, and sustain its ALAC ratio at a level reflective of the one-notch rating uplift. We believe it will continue to demonstrate good resilience to changes in economic conditions while higher
