Cyclical businesses with limited synergy Cash flow and profitability highly exposed to volatility in commodity prices Highly leveraged financial risk profile Strong parent support Diversified business portfolio The rating on Hong Kong-based investment holding company CITIC Resources Holdings Ltd. (CRH) reflects the company's weak stand-alone credit profile, which we assess at 'b', and the strong parent support from CITIC Group (BBB+/Stable/A-2; cnA+/cnA-1). We view CRH as a strategically important subsidiary of CITIC Group. This is because CRH is an important platform for the wider group to invest in the natural resources areas, including crude oil production. CITIC Group has shown its support to CRH, most recently through its full participation and underwriting of a rights issue, which raised about Hong
