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 Corp. (foreign currency 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 natural resources, including crude oil production. CITIC Group owns 56.54% of CRH. CRH's stand-alone profile reflects the company's exposure to cyclical businesses with limited synergy, its susceptibility to volatility in commodity prices, and its highly leveraged financial risk profile. The diversification benefit that CRH derives from its varied business portfolio tempers these weaknesses. CRH's short history
