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Fitch Ups Capital One's Debt Rating.
New York -- Fitch Ratings has upgraded the long-term issuer default rating of Capital One Financial Corp., which over the last two years has acquired two big mortgage lenders, to a rating of "A-" from a previous rating of "BBB+." Fitch also raised the company's senior debt and subordinated debt ratings.
In addition, Fitch said the rating outlook is positive. Approximately $119.7 billion of debt is affected by the action.
Fitch said the upgrade reflects the "risk-reduction associated with the company's product and funding diversification" following Capital One's acquisitions of Hibernia Corp. and North Fork Bancorporation in 2005 and 2006, respectively. Fitch said Capital One has a "solid track record" when it comes to integrating acquisitions. Fitch noted that North Fork is a ...
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