...Credit card asset quality metrics surpassed historical peaks in the first quarter as the unemployment rate surged 130 basis points and Fitch believes end-of-quarter delinquency levels, combined with low recovery prospects, signal material deterioration in card losses in the second quarter. The higher portfolio losses combined with lower spend volume and smaller loan portfolios are expected to challenge card segment profitability in 2009. Still, Fitch expects issuers with less dependence on interest spread income, like American Express, will fare relatively better. Long-Term IDR...
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| Report Type: | Special Report
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| Company(ies): | JPMorgan Chase & Co, Discover Financial Services, Inc, Citigroup Inc., Bank of America Corporation, ADVANTA Corporation, Capital One Financial Corporation, American Express Company
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| Ticker(s): | DFS , JPM , BAC , ADVNA , AXP , C , COF
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| Issuer: | Discover Financial Services
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| Free Sample: |
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| Format: | | PDF |  |
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