diff --git a/CHANGES b/CHANGES
index 1809657c65..53c8068070 100644
--- a/CHANGES
+++ b/CHANGES
@@ -1,3 +1,6 @@
+4825.	[bug]		Prevent a bogus "error during managed-keys processing
+			(no more)" warning from being logged. [RT #46645]
+
 4824.	[port]		Add iOS hooks to dig. [RT #42011]
 
 4823.	[test]		Refactor reclimit system test to improve its
diff --git a/lib/dns/zone.c b/lib/dns/zone.c
index 708c119b56..1cb07feba1 100644
--- a/lib/dns/zone.c
+++ b/lib/dns/zone.c
@@ -9604,6 +9604,17 @@ keyfetch_done(isc_task_t *task, isc_event_t *event) {
 
 		DNS_ZONE_SETFLAG(zone, DNS_ZONEFLG_LOADED);
 		zone_needdump(zone, 30);
+	} else if (result == ISC_R_NOMORE) {
+		/*
+		 * If "updatekey" was true for all keys found in the DNSKEY
+		 * response and the previous update of those keys happened
+		 * during the same second (only possible if a key refresh was
+		 * externally triggered), it may happen that all relevant
+		 * update_one_rr() calls will return ISC_R_SUCCESS, but
+		 * diff.tuples will remain empty.  Reset result to
+		 * ISC_R_SUCCESS to prevent a bogus warning from being logged.
+		 */
+		result = ISC_R_SUCCESS;
 	}
 
  failure: