KIEV, July 24 - S&P Global Ratings has affirmed its 'B' long-term corporate credit rating on Kernel Holding S.A., a Ukraine-based producer and exporter of sunflower oil and grains, the outlook remains stable, reads a report on the rating agency's website.

"At the same time, we affirmed our 'B' issue rating on Kernel's five-year $500 million eurobond maturing 2022. Our affirmation reflects mainly that, despite Kernel's acquisition of Ukrainian Agrarian Investments SA (UAI), its credit metrics are still in line with our projections when we assigned the ratings in January. Our previous base case already incorporated an acquisition of that magnitude, which largely explains why there is no impact on the group's financial ratios. From a business perspective, the UAI acquisition has transformed Kernel into the largest land bank operator in Ukraine, with more than 605,000 hectares. This will help Kernel significantly reduce its dependence on third-party raw materials," S&P experts stated.