S&P rates KeyCorp notes BBB+

Standard & Poor's said it assigned a BBB+ rating to KeyCorp's $750 million 3.75% medium-term notes due Aug. 13, 2015.

Proceeds could be used in the intermediate term to redeem the $2.5 billion in cumulative perpetual preferred shares sold to the U.S. Treasury under the government's Capital Purchase Program.

The agency said it views liquidity at the parent holding company as very strong with modest debt maturities at the holding company the next couple of years.

S&P said it views liquidity at the primary bank subsidiary as conservative and that it has improved in recent quarters, aided by strong deposit growth and lower outstanding loan balances.

The issuance demonstrates the company's good access to the capital markets and further bolsters its cash position, the agency said.

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