Moody's alters KBC outlook to positive

Moody's Investors Service said it changed the outlook to positive from stable and affirmed the Baa1 long-term senior unsecured debt and issuer ratings of KBC Group NV.

“KBC has thus far delivered on its strategic plan's objectives, aiming to gain market shares in its core markets and developing its highly integrated bancassurance model in Belgium and Czech Republic. KBC's ambition to achieve sizable presence in Slovakia, Hungary and Bulgaria through organic growth and acquisitions is also on track,” the agency said in a press release.

The agency said it expects the group’s the bank to report higher revenues over the outlook period. “Such growth, stemming from mortgages and commercial loans as well as rate hikes in its core markets, will likely offset inflationary pressures on costs and slow recovery on Belgian mortgage lending margins.”

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