Cyclical businesses with limited synergy Cash flow and profitability highly vulnerable to volatility in commodity prices Aggressive debt leverage Explicit/implicit support from its parent Medium-sized proven reserves base for the Karazhanbas oilfield Partnership with national oil company in Kazakhstan The rating on CITIC Resources Holdings Ltd. (CRH) reflects the company's stand-alone credit profile and the benefits it derives from being strategically important to the wider CITIC Group. At this time, the rating is a notch below that on CITIC Group (BBB-/Positive/A-3), as CRH is not yet a core part of the conglomerate. CRH is exposed to cyclical businesses with limited synergy. It is an investment holding company in Hong Kong with a diverse business portfolio in the natural resources and
