Investor Relations


Credit Rating

    Moody's   S&P   Fitch 
  Credit Rating  Baa3   BBB-   BBB 
  Outlook  Stable   Positive   Stable 
  Last change  28 March 2014   29 March 2017   8 June 2018 
  Last report Rationale Moody's   Rationale S&P   Rationale Fitch  
  Analysts  Laura Perez +34 91 7688 216    Mark Habib +33 1 44 20 67 36    Nikolai Lukashevich +7 495 956 9901 

Rating and capital resource covenants

Change of Control

All hybrid securities and Eurobonds issued as of 2006 contain a change of control event by means of which KPN may be required to redeem these outstanding notes early, in the event that the Change of Control occurs (acquiring direct or indirect >50%) and within the change of control period a rating downgrade to non-investment grade occurs in respect of that change of control. As per Q2 2018, the total outstanding amount under these bonds amounted to EUR 7.4 billion

Capital resource covenants

In addition, many of our capital resources contain a covenant prohibiting us to enter into any amalgamation, demerger, merger, corporate restructuring or reorganization, unless prior written consent has been given by the lenders or noteholders (e.g., as in the EUR 1.25 billion revolving credit facility) or the resulting company assumes all of our rights and obligations with respect to the notes.

Disclaimer Credit rating

KPN does not affirm any of the ratings or opinions of Fitch, Moody’s or Standard and Poor’s and does not accept any responsibility for the accuracy and timeliness of this information