Madrid, March 28, 2014 -- Moody's Investors Service has today downgraded to Baa3 from Baa2 the senior unsecured rating of Koninklijke KPN N.V. (KPN). Concurrently, Moody's has also downgraded to Prime-3 (P-3) from Prime-2 (P-2) KPN's short-term issuer rating. The outlook on all ratings is stable.

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