On Dec. 1, 2006, Standard&Poor's Ratings Services upgraded Capital One Financial Corp. (Capital One) and its subsidiaries, including raising its long-term counterparty credit rating on Capital One to 'BBB+' from 'BBB'. The short-term ratings on Capital One's subsidiaries remain at 'A-2'. Capital One does not currently have a short-term rating. The ratings were removed from CreditWatch with positive implications, where they were placed March 13, 2006. The outlook is positive. At the same time, Standard&Poor's affirmed and subsequently withdrew its 'BBB+/A-2' ratings on North Fork Bancorp. The rating actions follow the close of the acquisition of North Fork Bancorp and reflect Capital One's success in integrating Hibernia Corp. and the material enhancement both acquisitions bring to
