Mar 23, 2006. /Lesprom Network/. Standard & Poor's Ratings Services lowered on Thursday, March 23, its corporate credit and debt issue ratings on New Zealand's Carter Holt Harvey Ltd. (CHH) to 'B/Developing' from 'BB/Watch Neg', and withdrew the ratings following the Rank Group's acquisition of more than 90% of CHH's ordinary shares. The privately-owned Rank Group, also based in New Zealand, is expected to move to full ownership of CHH shortly. The withdrawal of the rating reflects the heightened uncertainty over the strategic direction of CHH and its financial policy going forward. Moreover, the lack of information available to Standard & Poor's about the Rank Group means it is unable to maintain a credit rating on CHH. While CHH is under the full ownership and control of the Rank Group, Standard & Poor's would not separate the credit quality of the two companies and, therefore, takes a consolidated credit view of the group. Standard & Poor's believes that CHH, on a standalone basis, exhibits a low investment-grade business risk profile.