Following a review of Capital One Financial (Capital One) and Capital One Bank (USA) N.A. (Capital One Bank) under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we are affirming our 'BBB' long-term issuer credit rating on Capital One and 'BBB+/A-2' long- and short-term issuer credit ratings on Capital One Bank, Capital One's operating subsidiary. Our ratings on Capital One and Capital One Bank reflect the companies' adequate business position, adequate capital and earnings, adequate risk position, and average funding and adequate liquidity compared with those of peers (as our criteria define these terms). The outlook is negative. The acquisitions of ING Direct and HSBC's U.S. credit card portfolio could result in higher loan losses given the
