Diversified business portfolio. Exposure to cyclical industries with limited synergies. Strong parent support. Cash flows and profit margin highly exposed to volatile commodity prices. High leverage. The stable outlook over the next 12 months reflects our expectation that CITIC Resources Holdings Ltd. (CRH) will continue to receive ongoing support from its parent CITIC Group Corp. However, we believe that the company's liquidity is less than adequate to meet its current capital spending and debt repayments. Lower oil prices will likely continue to have a negative impact on CRH's operations, with the company's credit metrics remaining weak over the next 12 months. The stable outlook doesn't factor in potential acquisitions. The rating could come under pressure if CRH's parental support proves
