This desktop analysis is based on S&P Global (China) Ratings Financial Institutions Methodology. We typically determine the stand-alone credit quality based on our assessment of an institution’s anchor, a starting point, and then incorporate its own characteristics compared with the anchor. S&P Global (China) Ratings typically applies an anchor of ‘bb+’ for non-bank financial institutions (“NBFI”). For NBFIs licensed and regulated by China Banking and Insurance Regulatory Commission (“CBIRC”), we typically adjust their anchor from ‘bb+’ to ‘bbb-’ to reflect their robust regulatory environment and access to the inter-bank market. The entity-specific factors that we may use to adjust from the anchor include business position, capital and earnings, risk position, and funding and liquidity. We then determine the issuer credit quality based on the stand-alone credit quality and our assessment of potential group and government influence.