Fitch revises Kernel view to positive

Fitch Ratings said it revised Kernel Holding SA's outlook to positive from stable.

“The outlook revision reflects Fitch's expectations that Kernel will maintain its conservative capital structure after completion of its expansion program in FY22 (ending June 2022). This, together with increasing scale, improved product diversification and a record of financial discipline, points to a strengthening credit profile,” Fitch said in a press release.

The agency said it forecasts Kernel will post a second year of record EBITDA in FY21 of around $690 million compared to FY20: $436 million as adjusted by Fitch.

Fitch also affirmed the company’s long-term foreign- and local-currency long-term issuer default ratings at BB-.

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