On March 13, 2006, Standard&Poor's Ratings Services placed its 'BBB-' counterparty credit ratings on Capital One Financial Corp., including those on its subsidiaries, on CreditWatch with positive implications. At the same time, Standard&Poor's affirmed its 'BBB+' ratings on North Fork Bancorp, including those on its subsidiaries, and removed the ratings from CreditWatch with positive implications, where they had been placed on Jan. 12, 2006. The outlook is positive. These ratings actions follow Capital One's announcement that it has entered into an agreement to acquire North Fork Bank. The transaction greatly advances Capital One along its stated strategic path of becoming a preeminent, diversified, financial services institution, with national lending platforms complemented by local depository franchises. The
