Fitch Affirms Advanta Corp. at 'BB-'; Outlook Revised to Positive.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch ratings affirmed the long-term Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) of Advanta Corp. and Advanta Bank Corp. at 'BB-'. The Rating Outlook is revised to Positive from Stable. A complete list of ratings affected by this action is detailed at the end of this release. Approximately $1.6 billion of debt and deposits is affected by this action. Advanta Corp. is listed on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on under the tickers ADVNA ADVNA Advanta Corporation (stock symbol) and ADVNB. The rating affirmation reflects the company's solid position in the small business credit card market, improved asset quality, consistent profitability metrics, and stable risk-adjusted capitalization, offset by growing competition in the small business credit card sector, and the risks associated with a lack of revenue diversity and its mono-line business focus. The Rating Outlook reflects the company's improved credit quality metrics since it began focusing on a higher-quality customer base, operating consistency as it has increasingly leveraged the business model, and the easing of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. risk with the settlement of the Chase lawsuit. Fitch believes that the continuation of solid asset quality and profitability metrics, combined with stable market share, could support rating momentum. Conversely, material deterioration in credit quality and risk-adjusted revenue margins could negatively impact the Rating Outlook. Fitch affirmed and revised the Rating Outlook to Positive on the following: Advanta Corp. -- Long-term Issuer Default Rating (IDR) 'BB-'; -- Short-term 'B'; -- Senior unsecured 'BB-'. Advanta Bank Corp. -- Long-term IDR 'BB-'; -- Short-term 'B'; -- Long-term deposits 'BB'. Advanta Capital Trust I -- Trust preferred stock 'B'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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