S&P: First Niagara Financial Group Inc. Rating Withdrawn Upon The Completion Of Keycorp's Takeover
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.
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