On May 9, 2007, Standard&Poor's Ratings Services assigned its 'BB' long-term corporate credit rating to CITIC Resources Holdings Ltd. (CRH). The outlook is developing. At the same time, it issued its 'BB' issue rating to a proposed intermediate-term U.S. dollar benchmark issue of senior unsecured notes by CITIC Resources Finance (2007) Ltd. CRH will fully and unconditionally guarantee the proposed notes. CRH will use the net proceeds from the proposed bond to fund the acquisition of 50% of CITIC Canada Energy Ltd. (CCEL), which is a wholly owned subsidiary of CRH's parent CITIC Group (BB+/Developing/B). As a result, CRH will effectively control 50% of the beneficial interests in Canada-based oil company Nations Energy Co. Ltd. (Nations) that are
