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Fitch rates KeyCorp notes AAA
Fitch Ratings said it assigned AAA/F1+ ratings to debt issued by KeyCorp and KeyBank NA through the FDIC Temporary Liquidity Guarantee Program. Specifically, KeyBank issued $1 billion of senior bank notes due 2012 and KeyCorp issued $250 million of floating-rate senior medium-term notes due 2010.
Obligations under the program bear the full faith and credit of the U.S. Government, the agency noted. The maximum amount eligible under the program is 125% of senior unsecured debt outstanding at Sept. 30 and scheduled to mature by June 30, 2009.
Outstanding debt issued by KeyCorp and debt issued outside the program will continue to bear the relevant ratings currently assigned to those entities by Fitch.
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