S&P gives Koninklijke KPN notes BB+

S&P said it assigned its BB+ issue-level rating to Koninklijke KPN NV's planned junior subordinated hybrid security.

“The rating reflects our notching for subordination and optional interest deferability,” S&P said in a press release.

The proceeds will be used to finance or refinance eligible green projects as defined under KPN's green bond framework.

“We view this as a liability management transaction that will enable KPN to replace its existing $600 million (€465 million swapped) hybrid security, which it issued in 2013 and has a first call date in March 2023,” the agency said in a press release.

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