NEW YORK--(EON: Enhanced Online News)--Kroll Bond Rating Agency (KBRA) has assigned a senior debt rating of “BBB+” and a short-term rating of K2 to KeyCorp, a bank holding company. In addition, KBRA has assigned a long term deposit rating of “A-”and a short-term rating of K1 to KeyBank, National Association (the Bank) the banking subsidiary of KeyCorp. This rating was not solicited by KeyCorp and the bank did not participate in the ratings process. All information used in deriving this rating is based on publicly available information.
The ratings are based on the Company’s sound asset quality, strong capitalization, and adequate earnings as well as positive stress test results and relatively solid performance during the downturn. The rating also reflects the Bank’s relatively low net interest margin and comparatively high cost to income ratio. The BBB+ rating of KeyCorp is notched off of the Bank’s rating of “A-” and takes into account structural subordination of KeyCorp’s liabilities to the Bank’s.
The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology, published on May 2, 2013.
About Kroll Bond Rating Agency
KBRA was established in 2010 by Jules Kroll to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate, clear and transparent ratings. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).