Summary: CITIC Resources Holdings Ltd. - S&P Global Ratings’ Credit Research

Summary: CITIC Resources Holdings Ltd.

Summary: CITIC Resources Holdings Ltd. - S&P Global Ratings’ Credit Research
Summary: CITIC Resources Holdings Ltd.
Published May 11, 2014
1679 words — Published May 11, 2014
Price US$ 225.00  |  Buy this Report Now

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Abstract:

Cyclical business lines with limited synergies. Exposure to volatile commodity prices. Overall low margin compared with those of peers due to large trading business. Expected negative free operating cash flow for at least the next two years. High debt leverage. Adequate liquidity due to strong access to capital markets. The outlook is stable, reflecting our expectation that CRH's operations will remain stable over the next 24 months. The company's liquidity should be adequate to meet its current capital spending and debt repayments, in our view. The rating could come under pressure if a greater-than-expected drop in commodity prices drags EBITDA interest coverage below 2x on a continued basis or, in an unlikely scenario, parental support proves weaker than we currently

  
Brief Excerpt:

RESEARCH Summary: CITIC Resources Holdings Ltd. Publication date: 11-May-2014 Primary Credit Analyst: Jian Cheng, CFA, Hong Kong (852) 2533-3576; jian.cheng@standardandpoors.com Secondary Contact: Gloria Lu, CFA, FRM, Hong Kong (852)...

  
Report Type:

Summary

Ticker
1205@HK
Issuer
CITIC Resources Holdings Ltd.
GICS
Trading Companies & Distributors (20107010)
Sector
Global Issuers
Country
Bermuda
Region
Latin America
Format:
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Buy Now

CITIC Resources Holdings Ltd. – 2015/06/11 – US$ 500.00

Summary: CITIC Resources Holdings Ltd. – 2015/06/11 – US$ 225.00

CITIC Resources Holdings Ltd. – 2016/06/07 – US$ 500.00

Summary: CITIC Resources Holdings Ltd. – 2016/06/07 – US$ 225.00

Summary: CITIC Resources Holdings Ltd. – 2013/02/23 – US$ 225.00

CITIC Resources Holdings Ltd. – 2012/08/31 – US$ 500.00

Summary: CITIC Resources Holdings Ltd. – 2012/08/31 – US$ 225.00

Summary: CITIC Resources Holdings Ltd. – 2012/02/08 – US$ 225.00

CITIC Resources Holdings Ltd. – 2011/08/30 – US$ 500.00

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MLA:
S&P Global Ratings’ Credit Research. "Summary: CITIC Resources Holdings Ltd." May 11, 2014. Alacra Store. May 20, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-CITIC-Resources-Holdings-Ltd-1315888>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: CITIC Resources Holdings Ltd. May 11, 2014. New York, NY: Alacra Store. Retrieved May 20, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-CITIC-Resources-Holdings-Ltd-1315888>
  
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