| | 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 | | |
