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Moody’s affirms KeyCorp on acquisition
Moody's Investors Service said it confirmed the long-term ratings of KeyCorp and its lead bank subsidiary, KeyBank NA, following the receipt of the Federal Reserve's approval to acquire First Niagara Financial Group, Inc. and its lead bank subsidiary, First Niagara Bank. NA (senior Ba1) in a stock (80%) and cash (20%) transaction that is expected to close on or about Aug. 1.
The Fed's approval clears the way for the merger of the holding companies as of that date. The transaction is still pending approval by the OCC for the merger of the banks in the fourth quarter of 2016.
Moody’s said the confirmation of the long-term ratings with a stable outlook was based on its view that the acquisition of First Niagara will not weaken Key's credit profile.
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