Small business scale with operations in a cyclical and capital intensive industry. Revenue and profitability are vulnerable to highly volatile commodity prices. Diversified business portfolio in various commodity industries with a focus on crude oil. Strong parent support. High debt levels. Cash flows highly exposed to volatile commodity prices. Adequate liquidity. The stable outlook on CITIC Resources Holdings Ltd. over the next 12 months reflects our expectation that the company will continue to receive strong support from its parent, CITIC Group Corp. We expect CITIC Resources' operating cash flow will improve as oil prices recover in 2018. However we expect CITIC Resources to remain highly leveraged over the next 12 months. We could lower the rating on CITIC Resources if
