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Credit rating
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| Moody's Investor Service | Standard & Poor's | Fitch | |
|---|---|---|---|
| Corporate Credit Ratings | Baa2 | BBB- | BBB- |
| Outlook | Negative | Stable | Stable |
| Last change | 6 February 2013 | 8 February 2013 | 17 December 2012 |
| Latest report | Rationale Moody's (PDF, 73 KB) | Rationale S&P (PDF, 276 KB) | Rationale Fitch (PDF, 43 KB) |
| Analysts | Iván Palacios + 34 91 310 1454 |
Xavier Buffon + 33 1 44 20 66 75 |
Damien Chew +44 20 35 30 14 24 |
Rating and capital resource covenants:
Change of Control
All Eurobond issued as of 2006 contain a change of control 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. (Prospectus 2012 contains detailed terms).
As per Q3 2012, the total outstanding amount under these bonds amounted to EUR 11.9 billion.
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 2.0 billion multi-currency revolving credit facility) or the resulting company assumes all of our rights and obligations with respect to the notes.
