(Editor's note: The version of this analysis published earlier today contained outdated financial tables. A corrected version follows.) Strong earnings Record of success through various stress environments Wholesale funding profile Higher-risk consumer asset classes Asset type concentration The ratings on Capital One Financial Corp. are based on the McLean, Va.-based company's performance as an independent entity since its 1994 spin-off from the credit card division of Signet Banking Corp. The ratings reflect risks inherent in a limited product menu, which, while broadening, encompass high-risk loan types; heavy reliance on wholesale-sourced funding; an increasingly competitive operating environment; and increased regulatory risk. Also considered are improving asset quality measures, a strengthening corporate governance infrastructure, and a lower-risk long-term strategy. Capital One has
