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 (BBB+/Stable/A-2; cnA+/cnA-1). We view CRH as a strategically important subsidiary of CITIC Group. This is because CRH is an important platform for the wider group to invest in the natural resources areas, including crude oil production. CITIC Group has shown its support to CRH, most recently through its full participation and underwriting of a rights issue, which raised about Hong Kong dollar (HK$) 2.50 billion in total. CITIC Group owns 56.54% of CRH. CRH's stand-alone profile reflects the company's exposure to cyclical businesses with limited synergy, its
