Improved credit rating for Carter Holt

The long-term rating has been raised to BBB from BBB- and the short-term rating to A2 from A3. The outlook has been revised from stable from positive.

Standard & Poor's says that the ratings upgrade reflects more conservative debt usage, improving returns from reinvestment of asset sales proceeds, moderate cost position, a high degree of vertical integration and good position in several Australasian forest product markets.

The latest upgrade follows the move by Moody's Investors Service in March, who also upgraded CAH to Baa2/P2 with a stable outlook.

Carter Holt's operating earnings in the quarter to the end of June this year hit $120 million, the highest for any quarter in nearly five years, with nearly all divisions posting better results.

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