...The 'A-' rating of S.F. Holding Co., Ltd. (SF) reflects SF's strong business profile as China's leading express-delivery service company based on revenue, taking into account moderate diversification benefits from the faster growth of its logistics business in international markets and intra-city delivery in China. Fitch Ratings expects SF's EBITDAR net leverage to remain low, at well below 2x, with stable profitability and controlled capex balanced against higher shareholder returns. ...