Company: KEY-PI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048757
Chunk: 50

Company: KEYCORP /NEW/
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 50
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 hedge fund. Similarly, market speculation, or rumors about us or the banking industry in general, may adversely affect the cost and availability of normal funding sources. For a discussion of certain risks which may impact our liquidity, see Part I, Item 1A. "Risk Factors" on pages 24-42 of our 2024 Form 10-K. For more information on recent liquidity activity, see the header "Our liquidity position and recent activity" in this report below.

Our credit ratings and rating agency outlooks at September 30, 2025, are shown in Figure 24. While we believe these credit ratings, under normal conditions in the capital markets, will enable KeyCorp or KeyBank to issue fixed income securities to investors, downgrades in our credit ratings could increase our cost of funds, trigger additional collateral or funding requirements, and decrease the number of investors and counterparties willing to lend to us.

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Figure 24. Credit Ratings

September 30, 2025OutlookShort-TermBorrowingsLong-TermDeposits (a)SeniorLong-TermDebtSubordinatedLong-TermDebtCapitalSecuritiesPreferredStockKEYCORPStandard & Poor’sStableA-2N/ABBBBBB-BBBBMoody’sPositiveP-2N/ABaa2Baa2Baa3Ba1Fitch Ratings, Inc.StableF1N/AA-N/ABB+BB+DBRS, Inc.StableR-1 (low)N/AA (low)BBB (high)BBB (high)BBB (low)KEYBANKStandard & Poor’sStableA-2N/ABBB+BBBN/AN/AMoody’sPositiveP-2P-1/A2Baa1Baa2N/AN/AFitch Ratings, Inc.StableF1F1/AA-BBB+N/AN/ADBRS, Inc.StableR-1 (low)A AA (low)N/AN/A

(a)P-1 rating assigned by Moody’s is specific to KeyBank’s short-term bank deposit ratings. F1 assigned by Fitch Ratings, Inc. is specific to KeyBank’s short-term deposit ratings. 

Managing liquidity risk

Most of our liquidity risk is derived from our business model, which involves taking in deposits, many of which can be withdrawn at any time, and lending them out in the form of illiquid loan assets. The assessments of liquidity risk are measured under the