Fitch revises Kernel outlook to Stable

Fitch Ratings said it changed Kernel Holding SA’s outlook to stable from positive and affirmed its long-term foreign-currency issuer default rating at BB-.

“The rating actions follow the revision of the outlook on Ukraine's sovereign rating (B/stable). At the same time, the affirmation reflects Fitch's expectations that Kernel will maintain its conservative capital structure after completion of its expansion program in FY22 (ending June 2022). Together with increasing scale, improved product diversification and a record of financial discipline, this points to a strengthening credit profile, which is reflected in the positive outlook on Kernel's long-term local-currency (LC) IDR,” the agency said in a press release.

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