DBRS: KBC Bank to positive

DBRS said it confirmed the senior long-term debt and deposits ratings of KBC Group NV’s at A (low), along with the A senior long-term debt and deposits of KBC Bank NV, KBC’s principal banking subsidiary.

DBRS also confirmed the intrinsic assessments of KBC Bank at A (low) and the group at BBB (high).

The trend on the ratings was revised to positive, the agency said.

The trend revision reflects the progress that KBC has achieved in restructuring the group over the past year, DBRS said.

The divestment plan agreed upon with the European Commission in 2009 also is now complete, the agency said.

KBC has emerged from its restructuring phase, displaying an improvement in earnings, funding and capital that now counterbalance remaining downside risks, DBRS said.

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