Fitch Changes KPN's Outlook to Positive; Ratings Affirmed

05:07 AM EDT, 07/31/2026 (MT Newswires) -- Fitch said Thursday it affirmed Royal KPN's (KPN.AS) long-term issuer default rating and senior unsecured rating at BBB, while revising its outlook to positive from stable. The key drivers of the rating action include the Dutch telecommunications company's "slightly" better margins and improving cash flow leverage, as Fitch expects cash flow from operations, less capex or debt, excluding spectrum payments, to increase to 15% in 2027. The rating agency also noted its expectation that the company's Fitch-defined EBITDA net leverage will stay at 2.4x from 2026 to 2029, below the 2.5x upgrade sensitivity.