Sharechat Logo

Improved credit rating for Carter Holt

By Phil Boeyen, ShareChat Business News Editor

Wednesday 16th August 2000

Text too small?
Standard & Poor's has upgraded Carter Holt Harvey's long-term and short-term credit ratings.

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.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Plastics IPO announced
Business watchdog ready for busy year
Fletcher Steel, CAH get acquisition nod

IRG See IRG research reports