Fitch Ratings upgrades Long-Term Local Currency IDR of Kernel Holdings
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.