Fitch Ratings has assigned
Key Rating Drivers
KBC's senior unsecured debt is rated in line with its Long-Term Issuer Default Rating, which is in turn in line with its 'a' Viability Rating, as the notes are direct, unsecured and senior obligations of the issuer.
The notes to be issued under the programme will rank pari-passu with the issuer's outstanding senior unsecured debt.
It should be noted that the ratings are assigned to the programme and not to the notes issued under the programme. There is no assurance that the notes issued under the programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the rating assigned to the programme.
Rating Sensitivities
Factors that could, individually or collectively, lead to negative rating action/downgrade:
KBC's long-term senior unsecured debt would be downgraded if its Long-Term IDR is downgraded. For the most recent sensitivities, see 'Fitch Affirms KBC Group NV at 'A'; Outlook Stable' dated
Factors that could, individually or collectively, lead to positive rating action/upgrade:
KBC's long-term senior unsecured debt would be upgraded if its Long-Term IDR is upgraded.
Best/Worst Case Rating Scenario
International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
Date of Relevant Committee
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg
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