China Great Wall Asset Management Co., Ltd. (Initial Issuer Report)

The Issuer Rating reflects a high possibility that China Great Wall would receive strong policy support if needed, in light of its strategic importance in maintaining economic and financial system stability in China as a national financial assets management company (“AMC”) and its state ownership. The state-owned shareholders have close management supervision over China Great Wall and could provide operational and financial support to China Great Wall if needed.

The Stable Outlook reflects our expectation that China Great Wall would maintain its strategic importance in preventing and resolving risks in Chinese financial system, while China Great Wall will maintain its stable operation with policy support.