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ADVANTA Corp. Outlook Revised to Positive; Ratings Affirmed Jul 04
Standard & Poors, July 2004
Abstract
NEW YORK (Standard & Poor's) July 2, 2004-Standard & Poor's Ratings Service said today that it revised its outlook on Advanta Corporation (Advanta) to positive from stable and affirmed its ratings on the company, including its 'B' long-term counterparty credit rating. 'The outlook revision reflects momentum that the firm has garnered in its business credit card unit, solid leverage metrics, and a reduction in both operational and legal overhang from discontinued operations,' said Standard & Poor's credit analyst Jeffrey Zaun. 'Partly offsetting the positive trends are Advanta's short track record as a monoline business credit card company, history of losses, and lack of scale in the increasingly competitive card industry.' From 2000 to 2002, Springhouse, Pa.-based Advanta was buffeted by...
Companies mentioned in this report are: Advanta Corp,JPMorgan Chase & Co.
Action: Affirmed
Action: Outlook: Positive
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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