On Sept. 8, 2004, Standard&Poor's Ratings Services raised its long-term counterparty credit rating on Capital One Financial Corp. to 'BBB-' from 'BB+' and the long-term counterparty credit rating on its bank subsidiaries, Capital One Bank, Falls Church, VA and Capital One FSB, to 'BBB' from 'BBB-'. The short-term counterparty credit ratings are affirmed at 'A-3'. At the same time, Standard&Poor's revised the outlook to stable from positive. The ratings action considers Capital One's successful navigation through a challenging operating environment, the company's success to-date in diversifying its business lines, the moderation of its managed loan growth, and management's adoption of a long-term strategy that considers further diversification. Despite some weakening of asset quality metrics due in
