On November 25, 2008 Standard & Poor’s Ratings Services lowered the financial strength ratings on KBC Bank and KBC Insurance to A from AA-.
The outlook is stable.

The downgrade mainly reflects the € 900 million loss KBC announced for the third quarter of 2008 and the expectation that financial markets will still continue to be sensitive to further write-downs, albeit more modestly than in the past.

They view positively the support of the Belgian government to subscribe to € 3.5 billion in new securities qualifying as core capital. This measure improves KBC’s financial flexibility.

As a result thereof Secura’s rating was also set to A.