The rating on CITIC Resources Holdings Ltd. (CRH) reflects the company's stand-alone credit profile and the benefits it derives from being strategically important to the wider CITIC Group. At this time, the rating is a notch below that on CITIC Group (BBB-/Positive/A-3), as CRH is not yet a core part of the conglomerate. CRH is exposed to cyclical businesses with limited synergy. It is an investment holding company in Hong Kong with a diverse business portfolio in the natural resources and energy industries. Its main businesses include aluminum smelting, coal, manganese, import and export of commodities, and crude oil production. It has limited experience in upstream oil operations, as a new entrant, and a concentration of reserves and production in
