HONG KONG (Standard&Poor's) May 15, 2007--Standard&Poor's Ratings Services said today that it had placed its 'BB' corporate credit ratings on CITIC Resources Holdings Ltd. (CRH) on CreditWatch with positive implications after the ratings on its parent, CITIC Group (BB+/B), were also placed on CreditWatch with positive implications earlier today. At the same time, Standard&Poor's placed its 'BB' issue rating on a proposed issue of US$1 billion seven-year-term senior unsecured notes by CITIC Resources Finance (2007) Ltd. on CreditWatch with positive implications. CRH will fully and unconditionally guarantee the proposed notes. The ratings on CITIC Group were placed on CreditWatch as a result of the recent IPO of China CITIC Bank (CNCB), the group's Chinese
