Printer Friendly
The Free Library
22,741,889 articles and books

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



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 Fitch Ratings

An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris.
 has affirmed Capital One Financial Corp.'s (COF) 'BBB+' 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.
) with a Positive Rating Outlook. Fitch has also downgraded and removed from Rating Watch Negative North Fork North Fork, river, c.100 mi (160 km) long, rising in the Ozarks, S Mo., and flowing S, into N Ark., to the White River. Near its mouth is Norfolk Dam (completed 1944), which impounds Norfolk Lake and has a power plant.  Bancorporation, Inc.'s (NFB NFB National Federation of the Blind
NFB National Film Board of Canada
NFB Negative Feedback
NFB No Fuse Breaker
NFB Normal for Bridgewater (music album) 
) 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 In communications, techniques used to reduce distortion and compensate for signal loss (attenuation) over long distances.  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 New York City: see New York, city.
New York City

City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S.
 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 Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans.  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 (FrontSide Bus) See system bus.

FSB - front side bus
 

--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 North Fork Bank was an American bank headquartered in Melville, New York purchased by Capital One at the end of 2006 for $14.6 billion U.S. dollars. It was only the second bank bought by Capital One, and was the larger of two acquisitions comprising Capital One's 2005-06 expansion  

--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 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.
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Dec 4, 2006
Words:590
Previous Article:Adaptive Planning Express Edition 3.0 Released as Open Source Momentum Accelerates.
Next Article:Hersha Hospitality Announces Commencement of Public Offering of 7,000,000 Common Shares.
Topics:



Related Articles
Fitch Affirms Ratings for Mid-States Corporate FCU.
Fitch Affirms GreenPoint at 'RPS2-' for Alt-A & Home Equity Loans.
Fitch Lowers North Fork; Upgrades GreenPoint Following Acquisition.
Fitch Upgrades GreenPoint Mortgage Funding's Resi Servicer Rating to 'RPS2'.
North Fork Bancorporation Announces Fitch Upgrade for Mortgage Servicing Unit.
Fitch Upgrades Capital One; Places North Fork on Watch Negative.
Fitch Affirms GreenPoint Mortgage's Alt-A and HE/HELOC Resi Servicer Ratings.
North Fork Announces Agreement in Principle to Settle Stockholder Litigation Relating to Capital One Merger.
North Fork Bancorporation Declares Its Regular Quarterly Dividend and Announces Information Regarding the Election Deadline.
Fitch Upgrades Capital One Financial Corp.'s IDR to 'A-'; Outlook Positive.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters