On Nov. 9, 2007, Standard&Poor's Ratings Services affirmed its ratings on Capital One Financial Corp. (Capital One) and its subsidiaries, including its 'BBB+' long-term counterparty credit rating on Capital One. At the same time, the outlook is revised to stable from positive. The outlook revision reflects environmental weakness and our expectations of deteriorating consumer performance in the near to intermediate terms. This expectation is evidenced by asset quality weakness in various consumer loan types across many rated issuers. Additionally, Capital One's own recent experience and estimations for 2008 support this concern, as delinquency measures in the key U.S. credit card and auto businesses indicate recent weakness and projections of continuation into 2008. Although Capital One has broadened its
