NEW YORK (Standard&Poor's) Feb. 8, 2002--Standard&Poor's today affirmed the ratings of Capital One Financial Corp., including the triple-'B'-minus long-term counterparty credit rating. The ratings on its subsidiaries were also affirmed. At the same time, the outlook on Capital One Financial and its subsidiaries was revised to negative from stable. The outlook revision reflects Standard&Poor's concern about increasing charge-off rates and elevated growth rates that have consistently approximated 60% in year-over-year comparisons throughout 2001. Concern regarding the strong growth reflects the masking effect and the generally negative impact on asset quality that such growth scenarios have as newly originated loans season. Capital One's coincident charge-off ratio remains the strongest of major credit card issuers. Twelve-month
