Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 113

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 113
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 specific to each Credit Support Annex (a component of the ISDA Master Agreement) that we have signed with the counterparties. In a limited number of instances, counterparties have the right to terminate their ISDA Master Agreements with us if our ratings fall below a certain level, usually investment-grade level (i.e., “Baa3” for Moody’s and “BBB-” for S&P). At December 31, 2024, KeyBank’s rating was “Baa1” with Moody’s and “BBB+” with S&P, and KeyCorp’s rating was “Baa2” with Moody’s and “BBB” with S&P. Refer to the table below for the aggregate fair value of all derivative contracts with credit risk contingent features held by KeyBank that were in a net liability position.Dollars in millionsDecember 31, 2024December 31, 2023Net derivative liabilities with credit-risk contingent features$(83)$(45)Collateral posted80 42 

As of December 31, 2024, and December 31, 2023, the fair value of additional collateral that could be required to be posted as a result of the credit risk related contingent features being triggered was immaterial to Key’s consolidated financial statements.  At December 31, 2024 and December 31, 2023, only KeyBank held derivative contacts with credit risk contingent features. 

9. Mortgage Servicing Assets We originate and periodically sell commercial and residential mortgage loans but continue to service those loans for the buyers. We also may purchase the right to service commercial mortgage loans for other lenders. We record a servicing asset if we purchase or retain the right to service loans in exchange for servicing fees that exceed the going market servicing rate and are considered more than adequate compensation for servicing. Additional information pertaining to the accounting for mortgage and other servicing assets is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Servicing Assets.”CommercialChanges in the carrying amount of commercial mortgage servicing assets are summarized as follows:Year ended December 31,Dollars in millions20242023Balance at beginning of period$638 $653 Servicing retained from loan sales67 87 Purchases28 21 Amortization(124)(123)Temporary recoveries (impairments)— — Balance at end of period$609 $638 Fair value at end of period$819 $911 The fair value of commercial mortgage servicing assets is determined