OREANDA-NEWS. In a press release issued yesterday, Fitch Ratings reviewed ratings of seven Ukrainian corporates, including Kernel Holding S.A., following the agency's recent review of Ukraine's sovereign rating. While the Long-term foreign currency IDRs of the corporates, including Kernel Holding S.A., have been affirmed at 'CCC', the agency downgraded the companies' Long-term local currency ratings to 'CCC' from 'B-'. Both ratings are in line with the Ukraine's sovereign ratings (see Fitch's criteria 'Rating Non-Financial Corporates above the Country Ceiling').

For a full text of the press release related to the rating update, please refer to the following link: Fitch Downgrades 7 Ukrainian Corporates on Sovereign Action. The definition of capitalized terms and applicable research criteria can be accessed at Fitch's Corporate Rating Methodology.