Moody's upgrades KBC Bank

Moody's Investors Service said it upgraded KBC Bank NV's and its supported long-term and short-term senior unsecured and deposit ratings to A2/Prime-1 from A3/Prime-2.

This action follows the upgrade of KBC Bank's bank financial strength rating to C-/baa2 from D+/baa3.

The outlook is stable.

Moody's said these upgrades were prompted by (a) the improved visibility on KBC Bank's solvency and expectation of a stabilized bottom-line profitability; and (b) the full restoration of KBC Bank's liquidity to a robust position. Asset quality, undermined by the performance of the Irish and Hungarian loan portfolios, remains a weakness and continues to offset these strengths to some extent.

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