HONG KONG (Standard&Poor's) July 27, 2007--Standard&Poor's Ratings Services said today that it had raised the corporate credit rating on CITIC Resources Holdings Ltd. (CRH) to 'BB+' from 'BB'. The outlook is stable. CRH was upgraded after the ratings on its parent, CITIC Group, were raised to 'BBB-/A-3' from 'BB+/B' and the outlook revised to positive. CITIC Group was upgraded following the reassessment of the group's business strategy and a review of the financial profile of its non-financial services operations. At the same time, Standard&Poor's also raised the issue rating on US$1 billion seven-year-term senior unsecured notes issued by CITIC Resources Finance (2007) Ltd. to 'BB+' from 'BB'. CRH fully and unconditionally guarantees the notes.
