The ratings on Capital One Financial Corp. reflect the McLean, Va.-based company's product concentration, which while broadening, focuses on higher credit-risk consumer lending, particularly credit cards; a material reliance on wholesale-sourced funding; and an always competitive operating environment. Also considered are the advantages afforded by Capital One's acquisition of Hibernia Corp. and North Fork Bancorp, strong asset quality measures, a strengthening corporate governance infrastructure, historically strong capital and liquidity, and a lower risk long-term strategy. Capital One is broadening its product menu beyond domestic consumer credit card lending, and has expanded its product offerings to include overseas credit cards, auto financing, small business lending, residential mortgage lending, home equity lending, and installment lending. Additionally, Capital One's acquisition of North Fork
