May 23, 2022 the rating committee of RA “Expert-Rating” made decision to update a long-
term credit rating of KSG Agro S.A. at the level uaА+ according to the national scale (the rating
according to the Agency’s international scale is at the level ВВВ.) The borrower or the particular
debt instrument with rating uaА is characterized by a high creditworthiness compared to other
Ukrainian borrowers or debt instruments. The level of creditworthiness is susceptible to the impact of
adverse commercial, financial and economic conditions. The Agency updated the credit rating after
the analysis of data of the consolidated statements of KSG Agro S.A for the 2021 year.

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