|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 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. As per Q2 2017, the total outstanding amount under these bonds amounted to EUR 7.4 billion
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.