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| Prospect News home > News index > List of issuers F > Headlines for First Niagara Financial Group Inc. > News item |
S&P puts First Niagara on positive watch
S&P said it placed the ratings on First Niagara Financial Group Inc., including its BBB- issuer credit and senior unsecured debt ratings, on CreditWatch with positive implications.
The positive watch follows regulatory approval for KeyCorp to proceed with the proposed acquisition of First Niagara, S&P said.
The transaction is expected to close on or about Aug. 1, the agency added.
S&P said it believes that First Niagara will benefit from being acquired by an operationally stronger and higher-rated financial institution.
If the acquisition is completed as expected, the agency said it will raise the ratings on First Niagara to the same level as those on KeyCorp.
When the transaction closes, S&P said it also will withdraw the rating on First Niagara, but maintain the rating on First Niagara Bank, which will be merged into KeyBank NA.
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