Crossword Genius

Has it a musical ring? (3)

Ross

I believe the answer is:

key

I'm a little stuck... Click here to teach me more about this clue!

'ring?' is the definition.
(key ring is a kind of ring)

'has it a musical' is the wordplay.
I cannot really understand how this works, but
'it' could be 'e' ('e' can mean 'electronic' which is similar to 'IT') and 'e' is located in the answer.
The remaining letters 'ky' is a valid word which might be clued in a way I don't understand.
This explanation may well be incorrect...

Can you help me to learn more?

(Other definitions for key that I've seen before include "Crucially important" , "explanation" , "Vital" , "Crucial; island" , "Piano lever" .)

I've seen this clue in the Evening Standard.
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