Fitch Affirms Capital One & Lowers North Fork On Merger Completion.

NEW YORK -- Fitch Ratings has affirmed Capital One Financial Corp.'s (COF) 'BBB+' long-term Issuer Default Rating (IDR) with a Positive Rating Outlook. Fitch has also downgraded and removed from Rating Watch Negative North Fork Bancorporation, Inc.'s (NFB) long-term IDR to 'BBB+' from 'A-' following the Dec. 1, 2006 closing of its acquisition by COF. A complete list of ratings is detailed at the end of this release. Approximately $94 billion of debt and deposits are affected by this action. The downgrade of NFB reflects the ratings equalization with COF.

The COF affirmation follows Fitch's upgrade of the company on March 7, 2006, while the NFB downgrade follows Fitch's original Rating Watch Negative placement on March 13 of this year. The Positive Outlook continues to reflect Fitch's view that COF will enhance its franchise through the NFB acquisition. NFB brings with it a material residential mortgage banking platform, an area which COF has a small presence, as well as strong deposit share in the New York City metropolitan area. In considering an upgrade of COF's ratings, Fitch will evaluate COF's ability to fully leverage its banking acquisitions by funding a greater portion of its assets through core deposits. Fitch will also consider COF's capital management plans, as well as the company's ability to maintain sound competitive positions and performance in credit card, auto finance, and other consumer lending segments. Fitch would anticipate revisiting the Positive Outlook within the next 12 months.

Fitch has affirmed the following ratings with a Positive Outlook:

Capital One Financial Corp.

--Long-term Issuer Default Rating (IDR) 'BBB+';

--Short-term Issuer 'F2';

--Senior debt 'BBB+';

--Subordinated 'BBB';

--Individual 'B/C'.

Capital One Bank

--Long-term Issuer Default Rating (IDR) 'BBB+';

--Short-term Issuer 'F2';

--Senior debt 'BBB+';

--Long-term deposits 'A-' ;

--Short-term deposits F2';

--Subordinated debt 'BBB';

--Individual 'B/C'.

Capital One FSB 

--Long-term Issuer Default Rating (IDR) 'BBB+';

--Short-term Issuer 'F2';

--Long-term deposits A-';

--Short-term deposits F2';

--Individual 'B/C'.

Capital One National Association

--Long-term Issuer Default Rating (IDR) 'BBB+';

--Short-term Issuer 'F2';

--Senior debt 'BBB+';

--Long-term deposits 'A-';

--Short-term deposits 'F2';

--Individual 'B/C'.

Capital One Capital I

--Trust preferred 'BBB-'.

Capital One Capital II

--Trust preferred 'BBB-'.

Capital One Capital III

--Hybrid capital instrument 'BBB-'.

Hibernia Corporation

--Subordinated debt 'BBB'.

Fitch has also downgraded and removed the following ratings from Rating Watch Negative:

North Fork Bancorporation, Inc.

--Long-term Issuer Default Rating (IDR) to 'BBB+' from 'A-' ;

--Short-term Issuer to 'F2' from 'F1';

--Subordinated to 'BBB' from 'BBB+';

--Preferred stock to 'BBB-' from 'BBB+';

--Individual to 'B/C' from 'B'.

North Fork Bank 

--Long-term Issuer Default Rating (IDR) to 'BBB+' from 'A-' ;

--Short-term Issuer to 'F2' from 'F1';

--Long-term deposits to 'A-' from 'A';

--Individual to 'B/C' from 'B'.

GreenPoint Financial Corp

--Senior debt to 'BBB+' from 'A-'.

GreenPoint Bank

--Long-term deposits to 'BBB+' from 'A';

--Subordinated debt to 'BBB' from 'BBB+'.

North Fork Capital Trust I & II

GreenPoint Capital Trust I

--Trust preferred to 'BBB-' from 'BBB+'.

Rating Outlook now Positive

Ratings affirmed include:

Capital One Financial Corp.

Capital One Bank

Capital One FSB

Capital One National Association

North Fork Bancorporation

North Fork Bank

--Support '5'.

Coastal Capital Trust I

--Trust preferred 'AA-'.

Fitch's rating definitions and the terms of use 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 are also available from the 'Code of Conduct' section of this site.