S&P affirms Kernel at 'B' with Stable Outlook

S&P Global Ratings affirmed its ‘B' long-term issuer credit rating on Kernel Holding with Stable Outlook, the WSE informs.

The stable outlook reflects the agency's assumption that the Kernel will benefit from a rebound in oilseed crushing margins and group's capacity expansion.

Previously Fitch Ratings affirmed Long-Term Issuer Default Rating (LT FC IDR) of Kernel Holding S.A. at ‘B+’ with Stable Outlook.

On 22 October 2018, Kernel entered into an amendment and restatement agreement to its USD 200 million pre-export credit facility dated 16 October 2017 with a syndicate of European banks.

Note: an obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its financial commitment on the obligation.