Moody's confirms KeyCorp

Moody's Investors Service said it confirmed the ratings on the KeyCorp hybrid securities that had been on review for possible downgrade since May 14.

The ratings that were confirmed include holding company preferred stock at Baa3 and trust preferred securities rated Baa2, the agency said.

Following the conclusion of the review, the outlook is negative.

Moody's noted that none of Key's other ratings were affected by's rating action, adding that the rating confirmations reflected Moody's view that the potential for a missed dividend or interest payment on Key's hybrid securities has been dramatically reduced because of Key's success in raising sufficient capital to satisfy the requirement mandated by the U.S. government.

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