Eighth-largest U.S. bank, fifth-largest U.S. credit card lender, fourth-largest auto lender, complimented with a sizable core deposit platform Enhanced geographic diversification as a result of mergers and acquisitions Cyclically strong credit quality Concentration in consumer lending Strategic execution has incorporated large acquisitions Limited opportunities for organic growth Standard&Poor's Ratings Services' rating outlook on Capital One Financial Corp. (Cap One) and its operating subsidiaries is stable. The stable outlook incorporates our expectations of continued profitability within the context of weakening credit performance. In our view, Cap One opportunistically leveraged growth opportunities in auto and commercial lending leading up to and since the 2012 HSBC U.S. and ING Direct acquisitions. During this period, lending competition pulled back, offering Cap One
