NEW YORK (Standard&Poor's) Dec. 4, 2008--Standard&Poor's Ratings Services said today that its ratings on Capital One Financial Corp. (Capital One; BBB+/Stable/--) are not affected by the announcement that it plans to acquire Chevy Chase Bank, FSB (BBB-/Stable/--), due to the terms of the transaction, the limited cost, and the positive enhancement it will make to Capital One's retail banking franchise. We believe the substantial $1.75 billion in credit marks that Capital One has factored into the price of this acquisition will buffer the firm from future loan credit losses as the gross credit mark equals 33% of the existing Chevy Chase option arm portfolio. In addition, the purchase price of $520 million, $75 million in stock,
