DBRS: KeyCorp unchanged

DBRS said KeyCorp's BBB (high) issuer and senior debt ratings are unchanged after the announcement of the company's 1Q11 earnings.

The company reported net income available to common shareholders of $173 million, compared to $279 million in 4Q10, and a loss of $96 million.

DBRS said it views the company's quarterly financial results and overall financial profile as adequate. Nonetheless, core revenues and earning trends are still reflecting some weakness due to challenges in loan growth and the low interest rate environment.

Key continues to proactively de-risk the balance sheet by reducing exposures to higher-risk lending categories, the agency added. Moreover, the company repurchased the $2.5 billion in preferred shares held by the U.S. Treasury under the TARP capital purchase program, the agency added.

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