Fitch reviews Kernel Holding ratings

15 September 2016

Local currency default rating was increased from CCC to B- (stable outlook) in a view of stable operations during last reporting periods, export business oriented model and limited dependence on local baking system. On the other side long-term foreign currency rating was affirmed at CCC, constrained by Ukraines country ceiling of CCC. Among main risks Fitch notes moderate diversification, necessity to refinance its working capital financing every year, reliance on domestically sourced inputs (grains&oilseeds) and countrys infrastructure. As for main financial performance figures, Fitch expects Kernel EBITDA to make USD 346M in FY2016 (in line with our expectations) and to further decrease to about USD 300M in new financing year (due to further decline of crushing margin).

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