KeyCorp’s Long-Term IDR Rises to A-; Short-Term Rating Upgraded to F1
KeyCorp’s Long-Term Issuer Default Rating was raised to ‘A-’ from ‘BBB+’ and its Short-Term IDR upgraded to ‘F1’ from ‘F2’, with the outlook stable. Fitch cited the bank’s 2024 capital raise, securities portfolio repositioning, enhanced asset-liability management and strengthened liquidity and capital planning.
1. Fitch Upgrades KeyCorp Credit Ratings
Fitch Ratings raised KeyCorp’s long-term issuer default rating to A- from BBB+ and its short-term IDR to F1 from F2, maintaining a stable outlook. This upgrade reflects the bank’s improved credit profile following recent strategic actions.
2. Strategic Initiatives Driving Upgrade
Fitch noted that KeyCorp’s 2024 capital raise and securities portfolio repositioning bolstered its long-term earnings profile. Enhanced asset-liability management, robust capital planning and strengthened liquidity metrics underpin the bank’s financial resilience and growth prospects.