Fitch lowers KeyCorp

Fitch Ratings said it has downgraded KeyCorp and its subsidiaries' long-term and individual ratings and removed them from rating watch negative.

Fitch said it has also affirmed Key's short-term ratings at F1.

The outlook is negative.

As part of the recent Supervisory Capital Assessment Program, Key's capital need was determined to be $1.8 billion, the agency said, adding that the company is anticipated to meet that requirement by quarter end through the issuance of common stock and the voluntary exchange of preferred and trust preferred to common stock as well as the realization of a gain on the sale of securities.

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