Fitch alters S.F. Holding view to stable

Fitch Ratings said it revised the outlook on S.F. Holding Co., Ltd.'s long-term issuer default rating to stable from negative, and affirmed the long-term IDR at A-. The agency also affirmed SF's senior unsecured rating and the ratings on its outstanding bonds at A-.

“The outlook revision reflects the company's recovery in profitability and deleveraging capacity following its acquisition of Kerry Logistics Network Ltd. (KLN) in September 2021. Higher operating efficiency at S.F.'s businesses, the contribution from KLN and our expectation of lower capital intensity should allow free cash flow (FCF) to trend towards neutral or positive, from negative, after the growth-related investments in 2021,” Fitch said in a press release.

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