NEW YORK (Standard&Poor's) Sept. 22, 2004—Standard&Poor's Ratings Services said today that Capital One Financial Corp.'s (BBB-/Stable/--) announcement that it will acquire Onyx Acceptance Corp., a prime indirect auto lender, has no ratings implications for Capital One. Onyx is unrated. The acquisition of Onyx represents a logical progression of Capital One's strategy to build out and expand its diversifying businesses, in which auto lending occupies a prominent place. Further, Onyx enhances Capital One's prime auto lending product line and adds a meaningful California presence. Following the acquisition, Capital One's auto business will represent the second-largest, noncaptive prime auto lender.
