Credit Ratings

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Credit Ratings

S&P Moody's Fitch Ratings
  Long-term Issuer BBB+ (OS)
9/20/2018
Baa1 (OS)
6/13/2018
A- (OS)
9/27/2018
Ratings History
BBB+ (OS)
6/20/2017
Baa1 (OS)
7/13/2016
A- (OS)
9/27/2018
BBB+ (ON)
10/30/2015
Baa1 (WN)
10/30/2015
A- (OS)
9/27/2018
BBB+ (OS)
12/17/2013
Baa1 (ON)
5/14/2015
A- (OS)
10/3/2017
BBB+ (OP)
12/6/2011
Baa1 (OS)
9/11/2013
A- (ON)
10/4/2016
  Senior Unsecured BBB+
9/20/2018
Baa1 (OS)
6/13/2018
A-
9/27/2018
Ratings History
BBB+
6/17/2009
Baa1 (WR)
7/13/2016
A-
9/27/2018
A- (WN)
5/4/2009
Baa1 (WN)
10/30/2015
A-
9/27/2018
A-
6/4/2008
Baa1
5/14/2015
A-
10/3/2017
A- (OS)
11/12/2007
Baa1
9/11/2013
A-
10/4/2016
  Subordinated Debt BBB
9/20/2018
Baa1
6/13/2018
BBB+
9/27/2018
Ratings History
-
-
BBB+
9/27/2018
-
-
BBB+
9/27/2018
-
-
BBB+
10/3/2017
-
-
BBB+
10/4/2016
  Short-term/Commercial Paper A-2
9/20/2018
(P)P-2
6/13/2018
F1
9/27/2018
Ratings History
A-2 (WR)
6/17/2009
(P)P-2
7/13/2016
F1
9/27/2018
A-2 (WN)
5/4/2009
(P)P-2
5/14/2015
F1
9/27/2018
A-2
6/4/2008
(P)P-2
6/24/2014
F1
10/3/2017
A-2 (OS)
11/12/2007
(P)P-2
9/11/2013
F1
10/4/2016
  Preferred Stock BB+
9/20/2018
Baa3
6/13/2018
BB
9/27/2018
Ratings History
BB+
9/29/2014
Baa3 (WR)
7/13/2016
BB
9/27/2018
BBB-
12/6/2011
Baa3 (WN)
10/30/2015
BB
9/27/2018
BB
6/17/2009
Baa3 (WR)
5/14/2015
BB
10/3/2017
BB+ (WN)
5/4/2009
Ba1 (WP)
3/17/2015
BB
10/4/2016
  Trust Preferred BB+
9/20/2018
Baa2
6/13/2018
BB+
9/27/2018
Ratings History
BB+
9/29/2014
Baa2 (WR)
7/13/2016
BB+
9/27/2018
BBB-
12/6/2011
Baa2 (WN)
10/30/2015
BB+
9/27/2018
BB
6/17/2009
Baa2 (WR)
5/14/2015
BB+
10/3/2017
BB+ (WN)
5/4/2009
Baa3 (WP)
3/17/2015
BB+
10/4/2016
Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing
S&P Moody's Fitch Ratings
  KeyBank National Association
Senior Unsecured A-
6/17/2009
A3 (WR)
7/13/2016
A-
9/27/2018
A (WN)
5/4/2009
A3 (WN)
10/30/2015
A-
9/27/2018
A
6/3/2008
A3 (WR)
6/19/2015
A-
10/3/2017
A (OS)
11/12/2007
A3 (WN)
3/17/2015
A-
10/4/2016
Certificate of Deposit -
Aa3 (OS)
7/13/2016
A
9/27/2018
-
Aa3 (WN)
10/30/2015
A
9/27/2018
-
Aa3 (OS)
6/19/2015
A
10/3/2017
-
A1 (WP)
5/14/2015
A
10/4/2016
Bank Individual -
C (OS)
9/11/2013
a-
9/27/2018
-
C (OS)
11/1/2010
a-
9/27/2018
-
C
4/30/2009
a-
10/3/2017
-
B- (WN)
3/12/2009
a-
10/4/2016
Bank Support -
-
5
9/27/2018
-
-
5
9/27/2018
-
-
5
10/3/2017
-
-
5
10/4/2016
Long-term Issuer A- (OS)
9/20/2018
A3 (OS)
6/13/2018
A- (OS)
9/27/2018
Senior Unsecured A-
9/20/2018
A3 (OS)
6/13/2018
A-
9/27/2018
Subordinated Debt BBB+
9/20/2018
Baa1
6/13/2018
BBB+
9/27/2018
Short-term/Commercial Paper A-2 (OS)
9/20/2018
P-2
6/13/2018
F1
9/27/2018
Certificate of Deposit -
Aa3 (OS)
6/13/2018
A
9/27/2018
Bank Individual -
-
a-
9/27/2018
Bank Support -
-
5
9/27/2018

Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing
Long-Term Ratings   
  • Highest Credit Quality
    AAA AAA(EXP) AAApre
  • Very High Credit Quality
    AA+ AA+(EXP) AA AA(EXP) AA- AA-(EXP)
  • High Credit Quality
    A+ A+(EXP) A A(EXP) A- A-(EXP)
  • Good Credit Quality
    BBB+ BBB+(EXP) BBB BBB(EXP) BBB- BBB-(EXP)
  • Speculative
    BB+ BB+(EXP) BB BB(EXP) BB- BB-(EXP)
  • Highly Speculative
    B+ B+(EXP) B B(EXP) B- B-(EXP)
  • High Default Risk
    CCC+ CCC+(EXP) CCC CCC(EXP) CCC- CCC-(EXP) CC CC(EXP) C
  • Default
    DDD DD D
  • Highest Quality
    (P)Aaa Aaa
  • High Quality
    Aa1 (P)Aa1 (P)Aa2 Aa2 Aa3 (P)Aa3
  • Upper-Medium Quality
    (P)A1 A1 A2 (P)A2 (P)A3 A3
  • Medium-Grade Quality
    Baa1 (P)Baa1 (P)Baa2 Baa2 Baa3 (P)Baa3
  • Substantial Risk
    (P)Ba1 Ba1 Ba2 (P)Ba2 (P)Ba3 Ba3
  • High Risk
    B1 (P)B1 (P)B2 B2 B3 (P)B3
  • Very High Risk
    (P)Caa1 Caa1 Caa2 (P)Caa2 (P)Caa3 Caa3
  • Highly Speculative
    (P)Ca Ca
  • Default
    C (P)C
  • Extremely Strong
    AAA AAApi AAAt
  • Very Strong
    AA+ AA+pi AA+t AApi Aat AA AA- AA-pi AA-t
  • Strong
    A+ A+pi A+t Api At A A- A-pi A-t
  • Adequate
    BBB+ BBB+pi BBB+t BBB BBBpi BBBt BBB- BBB-pi BBB-t
  • Less Vulnerable
    BB+ BB+pi BB+t BB BBpi BBt BB- BB-pi BB-t
  • More Vulnerable
    B+ B+pi B+t B Bpi Bt B- B-pi B-t
  • Currently Vulnerable
    CCC+ CCC+pi CCC+t CCCpi CCCt CCC CCC- CCC-pi CCC-t
  • Highly Vulnerable
    CCpi CCt CC C+ C+pi C+t C Cpi Ct
  • Selective Default
    SD SDpi SDt
  • Default
    D+ D+pi D+t Dpi Dt D
  • Regulatory Supervision
    R Rpi Rt
Short-Term Ratings   
  • Exceptionally High Quality
    F1+ F1+(EXP)
  • High Quality
    F1 F1(EXP)
  • Good Quality
    F2 F2(EXP)
  • Fair Quality
    F3 F3(EXP)
  • Speculative
    B B(EXP)
  • High Default Risk
    C C(EXP)
  • Default
    D D(EXP)
  • Superior
    (P)MIG 1 (P)P-1 (P)VMIG 1 MIG 1 P-1 VMIG 1
  • Strong
    VMIG 2 P-2 MIG 2 (P)VMIG 2 (P)P-2 (P)MIG 2
  • Acceptable
    (P)MIG 3 (P)P-3 (P)VMIG 3 MIG 3 P-3 VMIG 3
  • Not Prime
    NP (P)NP
  • Extremely Strong
    A-1+
  • Strong
    A-1
  • Satisfactory
    A-2
  • Adequate
    A-3
  • More Vulnerable
    B B-1 B-2 B-3
  • Highly Vulnerable
    C
  • Selective Default
    SD
  • Default
    D
  • Regulatory Supervision
    R
Financial Strength Ratings   
  • Exceptionally Strong
    AAA AAAq
  • Very Strong
    AA+ AA+q AAq AA AA- AA-q
  • Strong
    A+ A+q Aq A A- A-q
  • Good
    BBB+ BBB+q BBBq BBB BBB- BBB-q
  • Moderately Weak
    BB+ BB+q BB BBq BB- BB-q
  • Weak
    B+ B+q B Bq B- B-q
  • Very Weak
    CCC+ CCC+q CCCq CCC CCC- CCC-q CCq CC Cq C
  • Distressed
    DDD DDDq DDq DD Dq D
  • Exceptional Security
    Aaa
  • Excellent Security
    Aa1 Aa2 Aa3
  • Good Security
    A1 A2 A3
  • Adequate Security
    Baa1 Baa2 Baa3
  • Questionable Security
    Ba1 Ba2 Ba3
  • Poor Security
    B1 B2 B3
  • Very Poor Security
    Caa1 Caa2 Caa3
  • Extremely Poor Security
    Ca C
  • Extremely Strong
    AAA AAApi
  • Very Strong
    AA+ AA+pi AApi AA AA- AA-pi
  • Strong
    A+ A+pi Api A A- A-pi
  • Good
    BBB+ BBB+pi BBBpi BBB BBB- BBB-pi
  • Marginal
    BB+ BB+pi BB BBpi BB- BB-pi
  • Weak
    B+ B+pi B Bpi B- B-pi
  • Very Weak
    CCC+ CCC+pi CCCpi CCC CCC- CCC-pi
  • Extremely Weak
    CCpi CC
  • Regulatory Action
    R

Issuer ratings are S&P/Moody’s/Fitch respectively. A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.
Copyright© 2019, Fitch Ratings, Inc., Fitch Ratings, Ltd. and its subsidiaries (“Fitch”). Reproduction of the Fitch credit ratings in any form is prohibited except with the prior written permission of Fitch. Fitch does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of ratings. FITCH GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. Fitch shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of the Fitch credit ratings. Fitch’s ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. Fitch credit ratings do not address the market value of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.
A security rating is not a recommendation to buy, sell or hold securities.