POLISH FINANCIAL SUPERVISION AUTHORITY
UNI - EN REPORT No26/2016
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
FileDescription
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-1273Luksemburg
(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
2016-09-14Anastasiia Usachova, Yuriy Kovalchuk Directors