POLISH FINANCIAL SUPERVISION AUTHORITY
UNI - EN REPORT No17/2018
Date of issue:2018-10-22
Short name of the issuer
KERNEL HOLDING S.A.
Subject
FITCH AFFIRMS KERNEL AT 'B+' 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 Long-Term Issuer Default Rating (LT FC IDR) of Kernel Holding S.A. at ‘B+’ with Stable Outlook. The rating incorporates a leverage spike and weak operating results expected for financial year ended June 2018 due to a challenging operating environment. Fitch Ratings expects a rebound in profits and an improvement in leverage, due to Kernel's expansion plans and strong support from the group relationship banks. The agency noted that Kernel is at an advanced stage of obtaining a long-term funding from the European Investment Bank in amount of up to US$ 250 million to cover its FY2019 capital expenditures, seeing limited execution risk in Kernel's expansion plans. 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 'B+'; Outlook Stable. The definition of capitalized terms and applicable research criteria can be accessed at Fitch’s Corporate Rating Methodology.
Annexes
FileDescription
Current report 17 2018 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 17 2018 eng.pdf

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