Hong Kong-based CITIC Resources' liquidity has improved since it refinanced US$530 million in bank loans in 2017. We expect CITIC Resources' leverage to remain high even after factoring in our latest oil price assumptions. We also expect the company to maintain its small scale. We are affirming our 'BB-' issuer credit rating on CITIC Resources, and revising the liquidity score to adequate from less than adequate. The stable outlook for the next 12 months reflects our expectation that the company will continue to receive strong support from its parent, CITIC Group Corp. On May 30, 2018, S&P Global Ratings affirmed its 'BB-' long-term issuer credit rating on Hong Kong-based CITIC Resources Holdings Ltd. The outlook is stable. We revised our
