DBRS: KeyCorp unaffected

DBRS said that the Q2 2009 earnings and operating performance of KeyCorp, while weak, were at the low end of DBRS' expectations; thus its ratings including issuer and senior debt at A (low), and negative trend remain unchanged.

On May 1, DBRS said it downgraded Key's senior debt to A (low) and left the trend on negative.

The negative trend on the company's ratings reflects DBRS' view that significant amounts of potential losses remain embedded in the company's loan portfolios, especially given the current macroeconomic challenges, particularly declining real estate valuations, rising unemployment and the impact of those challenges on consumer-related corporate businesses, DBRS noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.