Fitch upgrades KBC, debt

Fitch Ratings said it upgraded KBC Bank NV's and KBC Groep NV's long-term issuer default ratings and senior debt ratings to A from A- and viability ratings to a from a-.

The agency also upgraded KBC Verzekeringen's and KBC Group Re's insurer financial strength ratings to A+ from A, and KBC Verzekeringen's long-term issuer default rating to A from A-.

The outlooks are stable.

In addition, Fitch assigned an A(dcr) Derivative Counterparty Rating to KBC Bank as part of its roll-out of DCRs to significant derivative counterparties in western Europe and the U.S.

The actions are part of a periodic portfolio review of major banks in Belgium and Luxembourg.

Fitch said the upgrade reflects continued, gradual improvement in the bank's Irish legacy loan portfolio, which combined with improved profitability and strengthened capitalization has made KBC Bank more resilient to unexpected shocks.

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