Strong franchise position in U.S. credit card market Improved geographic and asset diversification through mergers and acquisitions Strong and growing core deposit franchise Appropriate liquidity for the current environment Lower levels of capital (though improving) and modest future internal capital generation Moderately high credit risk profile Credit card concentration Lower expected future returns due to credit card legislation reform The ratings on Capital One Financial Corp. reflect Standard&Poor's Ratings Services' view of the company's strong franchise position in U.S. cards; improved geographic and asset diversification, strong and growing core deposit franchise, and appropriate liquidity for the current environment. The ratings also reflect lower levels of capital (though improving) and modest future internal capital generation, a moderately high credit
