S&P rates Kernel notes B

S&P said it affirmed its B long-term issuer and issue credit ratings on the existing senior unsecured notes due in 2022 of Kernel. S&P also assigned a B issue rating to proposed senior notes.

“The stable outlook reflects our view that continued favorable growth prospects in key export markets and contained operating costs should enable Kernel's credit metrics to stabilize and return to positive FOCF by the end of FY2021,” S&P said in a news release.

The rating on Kernel is no longer capped by S&P’s transfer and convertibility assessment on Ukraine, following the upgrade of the sovereign rating.

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