The rating on Hong Kong-based CITIC Resources Holdings Ltd. (CRH) reflects the company's weak standalone credit profile, which we assess at 'B', and the support it derives from being a strategically important subsidiary of the wider CITIC Group (BBB/Positive/A-2). The group is a diversified conglomerate that the central government of the People's Republic of China (A+/Stable-A-1+) wholly owns. The company's standalone credit profile reflects its exposure to cyclical businesses with limited synergy, its vulnerability to volatility in commodity prices, and its very high leverage. These weaknesses are partly offset by the relatively large (compared with the company's size) reserves of its oil field in Kazakhstan, and its currently adequate liquidity position. CRH's results were slightly weaker than we anticipated for
