Fitch upgrades KBC Bank

Fitch Ratings said it upgraded KBC Bank's long-term issuer default rating and senior debt ratings to A+ from A.

The outlook is stable.

KBC Group NV's long-term issuer default rating also was affirmed at A with a stable outlook.

Both KBC Bank's and KBC Group's viability ratings were affirmed at A, Fitch said, and KBC Group's senior debt ratings also was affirmed at A.

The upgrades are part of a periodic portfolio review of major banks in Belgium and Luxembourg, Fitch explained.

The upgrades are one notch above the bank's viability rating, reflecting the build-up of a significant and sustainable qualifying junior debt buffer at the bank that provides additional protection for its senior unsecured creditors, Fitch said.

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