Respectable franchise position in U.S. credit card market with sizable core deposit platform Enhanced geographic and asset diversification through mergers and acquisitions Higher credit card concentration due to the HSBC acquisition Integration risk with the ING Direct acquisition Standard&Poor's Ratings Services' outlook on Capital One Financial (Capital One; BBB/Negative/--) and Capital One Bank (U.S.) N.A. (Capital One Bank; BBB+/Negative/A-2) is negative, reflecting potentially higher loan losses with the higher concentration in credit cards and mortgages post acquisitions of ING Direct and HSBC's U.S. credit card portfolio, should U.S. economic conditions weaken further. The negative outlook also incorporates integration risk associated with the ING Direct acquisition given its size. We could lower the ratings if the projected Standard&
