Fitch affirms KeyCorp

Fitch Ratings said it affirmed KeyCorp's long-term issuer default rating of A.

The outlook remains stable.

The affirmation reflects the company's appropriate responses to sizable second-quarter charges, Fitch said. This is an accounting charge and does not affect cash, but does hurt capital and earnings, the agency noted.

KeyCorp plans to raise $1.5 billion of common stock and convertible perpetual preferred stock as well as cut the dividend by 50%, Fitch said.

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