KeyCorp edges down after S&P downgrades bank's credit rating

UMB Financial

22/08/2023 12:35

** Shares of U.S. lender KeyCorp  KEY.N  fall ~0.6% to
$10.82 premarket 
    ** S&P cut credit rating of KEY late on Monday citing large
deposit outflows and prevailing higher interest rates
    ** A sharp rise in interest rates by the U.S. Federal
Reserve is fueling liquidity concerns at banks as costs tied to
funding deposits surge, S&P said 
    ** S&P also downgraded UMB Financial  UMBF.O  and Comerica
 CMA.N  due to similar operating risks
    ** As of last close, KEY down ~37.5% YTD vs a ~14.6% gain in
the benchmark S&P 500 index  .SPX  over the same period

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))