DBRS: KeyCorp unchanged

DBRS said KeyCorp's BBB (high) issuer and senior debt ratings are unchanged after news of the company's second quarter 2011 earnings.

The company reported net income available to common shareholders of $234 million compared to $173 million in the first quarter of 2011 and $29 million a year ago, DBRS said.

The agency said it views the company's quarterly financial results and overall financial profile as improving in a challenging operating environment.

Earnings were indicative of Key's continued reduction in credit costs and lower levels of non-interest expense that benefited from the company's aggressive exit of higher risk lending activities, conservative approach to credit resolution and tighter expense control, DBRS said.

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