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Bulletin: Capital One Financial Corp. Rating Unchanged On Potential ING Direct Acquisition Jun 11
Standard & Poors, June 2011
Abstract
TORONTO (Standard & Poor's) June 17, 2011--Standard & Poor's Ratings Services today said it views the potential acquisition of ING Direct (not rated) by Capital One Financial Corp. (BBB/Negative/--) as credit neutral-to-slightly positive for Capital One. We expect Capital One to finance the $9 billion (goodwill of $975 million) acquisition of ING Direct, which is expected to close late fourth-quarter 2011, with a mix of new debt, equity, and parent cash. Standard & Poor's expects the acquisition to add scale to Capital One's direct banking platform and enhance the deposit franchise by $80 billion. Nevertheless, these deposits are originated through nontraditional (traditional being branch originations) distribution channels so there is likely to be a slight weakening of ING Direct's customer...
Companies mentioned in this report are: Capital One Financial Corp.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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