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 Corp. (BBB+/Stable/A-2; cnA+/cnA-1). We assess CRH's business risk profile as "weak" and its financial risk profile as "highly leveraged," as our criteria define the term. We view CRH as a strategically important subsidiary of CITIC Group Corp. This is because CRH is an important platform for the wider group to invest in the natural resources sector, including crude oil production. CITIC Group Corp. owns about 59% of CRH. CRH's stand-alone credit profile reflects the company's exposure to cyclical businesses with limited synergy, its susceptibility to volatility in
