DBRS upgrades KBC

DBRS said it upgraded the long-term issuer and senior debt ratings of KBC Group NV and confirmed the short-term issuer and debt ratings to R-1 (low).

The agency also upgraded the long-term issuer, senior and deposit ratings of KBC Bank NV to A (high), as well as the short-term issuer, debt and deposit ratings to R-1 (middle).

The one notch differential in the long-term ratings between the parent company and KBC Bank reflects structural subordination, DBRS said.

KBC Bank’s long-term critical obligations and short-term critical obligations ratings were upgraded to AA and R-1 (high).

The trend is stable.

DBRS said the upgrade reflects the consistent performance achieved by KBC in recent years, illustrated by its strong earnings generation benefiting from its diversified business model as well as solid liquidity and funding profile.

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