TORONTO (Standard&Poor's) April 23, 2010--Standard&Poor's Ratings Services said today that its ratings and outlook on Capital One Financial Corp. (BBB/Negative/--) are not affected by the company's first-quarter 2010 earnings. First-quarter results benefited from lower provisions, though credit quality trends in the consumer and commercial loan portfolios are mixed. Effective Jan. 1, 2010, Capital One adopted the Financial Accounting Standards Board's standard 167, which resulted in the consolidation of approximately $42 billion of assets--mostly credit card loan receivables; this affected the allowance and capital ratios, among other adjustments. Capital One posted managed income from continuing operations of $720 million, an increase of $316 million from the linked quarter. The higher earnings reflected a $369 million decline in
