HONG KONG -- Two credit rating agencies turned negative toward SF Holding on Thursday after China's largest parcel delivery service company by volume said it would spend over $2 billion to take control of a Hong Kong-based logistics operator.
S&P Global Ratings and Fitch Ratings switched their view on SF's credit outlook to "negative" from "neutral" after SF said it would acquire a 51.8% stake in Kerry Logistics Network for 17.55 billion Hong Kong dollars ($2.26 billion).
