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Kernel Holding SA
FITCH UPGRADES KERNEL’S LOCAL CURRENCY ISSUER DEFAUL RATING ONE NOTCH ABOVE THE SOVEREIGN

14-09-2016


POLISH FINANCIAL SUPERVISION AUTHORITY
UNI - EN REPORT No 26 / 2016
Date of issue: 2016-09-14
Short name of the issuer
KERNEL HOLDING S.A.
Subject
FITCH UPGRADES KERNEL’S LOCAL CURRENCY ISSUER DEFAUL RATING ONE NOTCH ABOVE THE SOVEREIGN
Official market - legal basis
art. 56. 1. 2 of Act on Public Offering.
Unofficial market - legal basis
Contents of the report:
In a press release issued today, Fitch Ratings upgrades Long-Term Local Currency IDR _LT LC IDR_ of Kernel Holdings S.A. to B-, one notch above the sovereign LT LC IDR of ‘CCC’, reflecting Kernel’s export-oriented business model and limited reliance on Ukrainian banking system.
While Kernel’s Long-Term Foreign Currency IDR remains constrained by Ukraine’s Country Ceiling of ‘CCC’, Fitch notes that having a debt service ratio above 1x sustainably for several years, could justify one-notch uplift in accordance with Fitch’s criteria.
Fitch also upgraded Kernel’s National Long-Term Rating to ‘AA+ _ukr_’ from ‘A- _ukr_’, assigning the National rating a ‘Stable’ Outlook.
For a full text of the press release related to the rating update, please refer to the following link: Fitch Affirms Ukraine's Kernel's FC IDR at 'CCC', Upgrades LC IDR to 'B-'. The definition of capitalized terms and applicable research criteria can be accessed at Fitch’s Corporate Rating Methodology.

Link: https://www.fitchratings.com/site/pr/1011637
Annexes
File Description

Nazwa arkusza:


KERNEL HOLDING S.A.
_fullname of the issuer_
KERNEL HOLDING S.A. Spożywczy _spo_
_short name of the issuer_ _sector according to clasification
of the WSE in Warsow_
L-1273 Luksemburg
_post code_ _city_
rue de Bitbourg 19
_street_ _number_
_phone number_ _fax_
_e-mail_ _web site_
_NIP_ _REGON_

Nazwa arkusza:


SIGNATURE OF PERSONS REPRESENTING THE COMPANY
Date Name Position / Function Signature
2016-09-14 Anastasiia Usachova, Yuriy Kovalchuk Directors

Kursy walut 2024-02-29

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