Fitch affirms KeyCorp

Fitch Ratings said it affirmed KeyCorp's long-term issuer default rating at A- and short-term issuer default rating at F1.

The outlook is stable.

Fitch said that its affirmation of KeyCorp's issuer default rating and stable outlook reflects the company's continued credit quality improvements, enhanced liquidity and capital position, reduced risk profile and the view that the company's recent performance is sustainable.

KeyCorp's operating performance has largely benefited from a reduction in credit costs as asset quality continues to improve with eight consecutive quarters of declines in nonperforming assets, the agency added.

Affirmed ratings included KeyCorp's long-term issuer default rating at A-; short-term issuer default rating at F1; individual at B/C; viability at A-; senior debt at A-; subordinated debt at BBB+; preferred stock at BBB; short-term debt at F1; support at 5; and support floor at NF.

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