Investor Relations


Credit Rating

    Moody's   S&P   Fitch 
  Credit Rating  Baa3   BBB   BBB 
  Outlook  Stable   Stable   Stable 
  Latest Credit Opinion  12 May 2021   17 February 2020   30 March 2021 
  Last report Rationale Moody's   Rationale S&P   Rationale Fitch  
  Analysts  Carlos Winzer, +34 91 768 8238   Xavier Buffon, + 33 144 206 675   Nikolai Lukashevich, +7 495 956 9968 

Rating and capital resource covenants

Change of Control

All hybrid securities and Eurobonds issued as of 2006 contain a change of control event by means of which KPN may be required to redeem these outstanding notes early, in the event that the Change of Control occurs (acquiring direct or indirect >50%) and within the change of control period a rating downgrade to non-investment grade occurs in respect of that change of control.

Capital resource covenants

In addition, many of our capital resources contain a covenant prohibiting us to enter into any amalgamation, demerger, merger, corporate restructuring or reorganization, unless prior written consent has been given by the lenders or noteholders (e.g., as in the EUR 1 billion sustainability-linked revolving credit facility) or the resulting company assumes all of our rights and obligations with respect to the notes.

Disclaimer Credit rating

KPN does not affirm any of the ratings or opinions of Fitch, Moody’s or Standard and Poor’s and does not accept any responsibility for the accuracy and timeliness of this information