(Source: Fitch Inc) 02 Nov 2015 10:17 PM GMT/UTC Fitch Ratings-New York-02 November 2015: Fitch Ratings has placed the long- and short-term Issue Default Ratings (IDRs) of First Niagara Financial Group (FNFG) and First Niagara Bank on Rating Watch Positive following its announcement that it will be acquired by KeyCorp. Concurrent with this action, Fitch has affirmed the L-T and S-T IDRs of KeyCorp (Key), and Key Bank, N.A. and revised the Rating Outlook to Negative from Stable. A complete list of rating actions follows at the end of this release. The transaction is valued at $4.1 billion with 80% stock and 20% cash. The deal represents a price-to-tangible book value of 1.7x with a core...
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