Fitch: No Rating Impact from KPN's Proposed Capital Securities Amendments

Thu Aug 21, 2014 11:30am EDT

(The following statement was released by the rating agency) LONDON, August 21 (Fitch) Fitch Ratings says the amendments proposed by Royal KPN N.V. to its subordinated capital securities will not affect their rating of 'BB' as the amendments do not significantly alter the structure of the securities. In its proposal to the holders of the securities, KPN is seeking to raise the ranking of the securities ahead of any preference shares of the company. The securities will continue to remain subordinated to KPN's senior unsecured debt (rated BBB-). The affected capital securities will continue to qualify for 50% equity credit. The affected securities are EUR1,100m perpetual capital securities, GBP400m capital securities due 2073 and USD600m capital securities due 2073. Contact: Tajesh Tailor Director +44 20 3530 1726 Fitch Ratings Limited 30 North Colonnade London E14 5GN Jonathan Levy Analyst +44 20 350 1701 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: Additional information is available on ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.