Moody’s changes KBC view

Moody's Investors Service said it affirmed the Aa3 long-term deposit ratings of KBC Bank NV and the Baa1 long-term senior unsecured debt and issuer ratings of KBC Group NV.

The agency also affirmed the A1 backed senior unsecured debt ratings of KBC Ifima SA, as well as KBC Bank's backed junior subordinated debt rating and KBC Group's non-cumulative preferred stock rating of Baa3(hyb) and Ba1(hyb), respectively.

KBC Bank's short-term deposit ratings were also affirmed at Prime-1 and KBC Group's deposit note/CD program was affirmed at Prime-2, as were the bank's baseline credit assessment and adjusted baseline credit assessment of baa1.

The agency also affirmed the bank's long-term and short-term counterparty risk rating of Aa3 and Prime-1, as well as its counterparty risk assessment of Aa3(cr) and Prime-1(cr).

The outlook was changed to stable from positive.

The agency said the outlook reflects an expectation that KBC Bank's asset risk and capital will stabilize at current levels over the outlook horizon, while profitability, although declining, will continue to be supported by a diversified earnings base.

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