S&P assigns S.F. Holding notes A-

S&P said it assigned an A- rating to S.F. Holding Co. Ltd.’s planned senior unsecured notes. The notes will be sold by its subsidiary SF Holding Investment 2021 Ltd. and guaranteed by S.F. Holding Co.

Concurrently, S&P affirmed S.F. Holding’s A- issuer rating, changed the outlook to stable from negative and affirmed the A- ratings on subsidiary S.F. Holding Investment Ltd.’s senior unsecured notes.

S&P noted the company’s recent RMB 20 billion share placement demonstrated S.F.’s commitment to keeping its leverage low.

The company is likely to use the proceeds to refinance short-term financing used to fund the acquisition of its 51.5% interest in Kerry Logistics.

“The stable outlook reflects our expectation that the company is committed to maintaining a debt-to-EBITDA ratio of below 1.5x over the next 24 months,” the agency said in a press release.

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