|Latest Credit Opinion||14 May 2019||29 March 2019||02 May 2019|
|Last report||Rationale Moody's||Rationale S&P||Rationale Fitch|
|Analysts||Carlos Winzer, +44 20 7772 5454||Lukas Paul, + 49 693 399 9132||Mark Mason, +49 69 768076 133|
Rating and capital resource covenants
Change of ControlAll 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.
Capital resource covenantsIn 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.