OREANDA-NEWS. September 15, 2016. In a press release issued today, Fitch Ratings upgrades Long-Term Local Currency IDR (LT LC IDR) of Kernel Holdings S.A. to B-, one notch above the sovereign LT LC IDR of CCC, reflecting Kernels export-oriented business model and limited reliance on Ukrainian banking system.

While Kernels Long-Term Foreign Currency IDR remains constrained by Ukraines 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 Fitchs criteria.

Fitch also upgraded Kernels 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 Fitchs Corporate Rating Methodology.