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Fitch cuts Keycorp
Fitch Ratings said it downgraded Keycorp's (KEY) and KeyBank NA's long-term issuer default ratings to BBB+ from A-.
“Today's rating action reflects Fitch's expectation that unfavorable funding conditions will challenge KEY's earnings power, internal capital generation and capacity to build liquidity buffers over the rating horizon. Although Fitch views deposit outflows and deposit migration trends as mature, sustained restrictive monetary policy could challenge revenue growth over the rating horizon.
“This is mitigated by KEY's balance sheet optimization strategy to reduce loan growth, manage down risk-weighted assets and paydown higher-cost wholesale funding,” the agency said in a press release.
The outlook is stable.
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