S&P assigns B to Kernel CCR, Eurobond

S&P said it assigned its preliminary B long-term corporate credit rating to Kernel Holding SA.

The outlook is stable.

At the same time, the agency assigned its preliminary B issue rating to Kernel's proposed five-year U.S. dollar-denominated Eurobond.

Under the proposed capital structure, S&P said it expects that Kernel’s fully adjusted debt-to-EBITDA ratio will be between 1.5 times and 3 times, coupled with robust EBITDA interest coverage of more than 6 times on a three-year weighted-average basis.

The agency considers that, under this planned capital structure and funding arrangements, Kernel would pass its stress test in the event of a sovereign default, leading to a corporate credit rating one notch higher than the sovereign long-term foreign currency rating on Ukraine.

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