Moody's lowers KeyCorp

Moody's Investors Service said it downgraded the senior debt rating of KeyCorp to Baa1 from A2, the subordinated debt rating to Baa2 from A3 and the preferred stock rating to Baa3 from Baa1.

The holding company's short-term rating was downgraded to Prime-2 from Prime-1.

The downgrade reflects poor pre-provision pre-tax income, a longstanding challenge for the company, the agency said.

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