DBRS upgrades KBC Bank

DBRS said it upgraded the long-term issuer and senior debt ratings of KBC Group NV (to A (high). Concurrently, DBRS upgraded the long-term issuer ratings of KBC Bank NV, the principal banking subsidiary of KBC to AA (low). The one-notch difference in the long-term ratings between the parent company and KBC Bank reflects structural subordination. The trend on all ratings is now stable.

The upgrade rating reflects the continuous improvement that has taken place in KBC’s risk profile, both organically and through the sale of Irish legacy exposures, while maintaining a solid funding and liquidity profile and robust capital levels.

The upgrade also incorporates DBRS’ view that KBC continues to leverage its well-established and diversified franchise to maintain strong profitability and absorb challenging conditions in certain business areas.

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