Morningstar DBRS confirmed KeyCorp's Long-Term Issuer Rating at A (low), maintaining a Stable trend for all credit ratings. This assessment reflects KeyCorp's diversified and strong franchise, which includes a retail banking presence across 15 states and a focused national consumer business.
The credit ratings are supported by KeyCorp's robust balance sheet, characterized by ample core deposit funding, strong liquidity, and solid capitalization. The recent strategic minority investment from Scotiabank further bolstered KeyCorp's capital levels, positioning them favorably against peers.
Morningstar DBRS anticipates an improvement in KeyCorp's profitability and income before provisions and taxes in the coming quarters, following the net loss reported in 2024 due to securities repositionings. The agency views KeyCorp's credit fundamentals, earnings, funding, and liquidity levels as sound, expecting previous de-risking steps to serve the company well.
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