On May 8, 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 ratings remain on CreditWatch with positive implications, where they were placed March 13, 2006. The ratings action reflects the success Capital One has achieved in integrating the acquisition of Hibernia Corp. and the capital retention seen subsequent to the closing of the deal, which is consistent with earlier projections. Capital One's outlook was revised to positive following the deal's announcement, and subsequently the ratings were placed on CreditWatch with positive implications following the announcement that Capital One intends to acquire North Fork Bancorp. This action, however,
