POLISH FINANCIAL SUPERVISION AUTHORITY
UNI - EN REPORT No16/2020
Date of issue:2020-09-20
Short name of the issuer
KERNEL HOLDING S.A.
Subject
FITCH AFFIRMS KERNEL AT 'BB-' WITH STABLE OUTLOOK
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 by Fitch Ratings, the agency has affirmed Kernel Holding S.A.'s Long-Term Foreign- and Local-Currency (LC) Long-Term Issuer Default Ratings (IDR) at 'BB-' with Stable Outlook. The rating benefits from Kernel's heavy-assets business structure with vertical integration into commodities sourcing and logistic infrastructure, resulting in stronger profitability compared with international peers. This is balanced by the concentration of commodities sourcing in one region and moderate scale. Kernel's Long-Term Foreign-Currency (FC) IDR continues to benefit from two notches uplift from the Ukrainian Country Ceiling of 'B', thanks to strong hard-currency debt service ratios. Fitch Ratings also affirmed Kernel’s National Long-Term Rating at ‘AAA (ukr)’. For a full text of the press release related to the rating update, please refer to the following link: Fitch Affirms Kernel at 'BB-'; Outlook Stable. The definition of capitalized terms and applicable research criteria can be accessed at Fitch’s Corporate Rating Methodology.
Annexes
FileDescription
Current report 16 2020 eng.pdf
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-1273Luxembourg
(post code)(city)
rue de Bitbourg19
(street)(number)
(phone number)(fax)
(e-mail)(web site)
(NIP)(REGON)
SIGNATURE OF PERSONS REPRESENTING THE COMPANY
DateNamePosition / FunctionSignature
Current report 16 2020 eng.pdf

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