TORONTO (Standard&Poor's) June 17, 2011--Standard&Poor's Ratings Services today said it views the potential acquisition of ING Direct (not rated) by Capital One Financial Corp. (BBB/Negative/--) as credit neutral-to-slightly positive for Capital One. We expect Capital One to finance the $9 billion (goodwill of $975 million) acquisition of ING Direct, which is expected to close late fourth-quarter 2011, with a mix of new debt, equity, and parent cash. Standard&Poor's expects the acquisition to add scale to Capital One's direct banking platform and enhance the deposit franchise by $80 billion. Nevertheless, these deposits are originated through nontraditional (traditional being branch originations) distribution channels so there is likely to be a slight weakening of ING Direct's customer
