New York, July 13, 2016 -- Moody's Investors Service has confirmed the long-term ratings of KeyCorp and its lead bank subsidiary, KeyBank National Association (collectively, Key), following the receipt of the Federal Reserve's approval to acquire First Niagara Financial Group, Inc. and its lead bank subsidiary, First Niagara Bank. N.A. (collectively, First Niagara; senior Ba1) in a stock (80%) and cash (20%) transaction that is expected to close on or about 1 August 2016. The Fed's approval clears the way for the merger of the holding companies as of that date. The transaction is still pending approval by the OCC for the merger of the banks in the fourth quarter of 2016.

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