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Moody's: Koninklijke debt Ba1
Moody's Investors Service said it assigned definitive Ba1 long-term ratings to the €1.1 billion perpetual capital securities, the £400 million capital securities due 2073 and the $600 million capital securities due 2073 issued by Koninklijke KPN NV.
The outlook is negative.
The Ba1 rating assigned to the 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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