Moody's rates KPN securities Ba1

Moody's Investors Service said it assigned a provisional Ba1 long-term rating to Koninklijke KPN NV's proposed issuance of U.S. dollar-denominated capital securities.

The outlook is negative.

All other ratings remain unchanged.

The provisional Ba1 rating assigned to the hybrid debt is two notches below the group's senior unsecured rating of Baa2. Moody's said the two-notch rating differential primarily reflects the deeply subordinated nature of the hybrid debt, which is senior only to ordinary shares and ranks pari passu with preference shares.

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