OREANDA-NEWS. S&P Global Ratings today said it withdrew its 'BBB-' counterparty credit rating on First Niagara Financial Group Inc. (FNFG). At the same time, S&P Global Ratings raised its counterparty credit ratings on First Niagara Bank to 'A-' from 'BBB'. The outlook is negative. In addition, we equalized the ratings of FNFG's debt outstanding to the ratings on KeyCorp. S&P Global Ratings removed the ratings from CreditWatch, where they were placed with positive implications July 13.

The rating action follows the closing of KeyCorp's acquisition of FNFG, which became effective on Aug. 1. Keycorp will assume the holding company's outstanding debt. We have equalized the rating on First Niagara Bank with that on KeyBank N. A. We will maintain the ratings until First Niagara Bank merges with KeyBank, which we expect in fourth-quarter 2016. After that, S&P Global Ratings will withdraw the counterparty credit rating on First Niagara Bank.