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Very, very good pet with "Chill + Nuke and Stun chilled + Nuke stunned".
It can be countered quite nicely by maggots (beast take less damage form "Nuke Stunned" ability) because they have undead ability that damages and heals + Burrow attack so they deal more damage while take much less at the same time.
another strong pet is Ghastly Skull. It has all undead damaging abilities, at least one of them also heals, one of which stuns so the Runt will take much, much more damage.
If you wondered what can beat Lil' Ragnaros, here is your answer. Put Shell Shield on while he submerges for his Sons of the Flame, the damage is entire negated. Also his filler attack, Sulfuras Smash and Magma Trap, that normally hit for 395, will only tickle you for 181, while your Dive will hit him for 850 and Ooze Touch for 310. That means he will be done in 3-4 rounds while you will be alive with 1100-1400 HP (depending on your HP and Magma Trap hits)
Best counters for Lil´Rag in pet battles:
There is only one family of battle pets that will give Lil Raggy hard time: Snails. Absolutely best one is Shimmershell snail with its unique Health/Power breed. Its drawback is that you need to raise him all the way from lvl 5ish to 25. This will give you 1790H / 305P stats.
Alternative is Rapana Whelk or Silkbead Snail that can be captured as lvl 23 and have very competitive Health/Balanced breed that ends up with 1725H / 292P stats.