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Bulletin: Capital One Financial Corp. Ratings Unaffected By Fair Fourth-Quarter 2011 Results Jan 12
Standard & Poors, Jan 2012
Abstract
TORONTO (Standard & Poor's) Jan. 20, 2012--Standard & Poor's Ratings Services today said that its ratings and outlook on Capital One Financial Corp. (BBB/Negative/--) are unchanged following its review of the company's fair fourth-quarter 2011 earnings. Operating performance came in below our expectations for the quarter but met our expectations for fiscal 2011. Operating earnings ($411 million compared with $865 million in the previous quarter) declined substantially in the quarter due to higher marketing and operating expenses associated with two acquisitions expected to close in 2012, including litigation reserves, and higher provisioning levels due to seasonally higher net charge offs (NCOs) and loan growth. Period-end loan balances rose nearly $6 billion to $135 billion, driven by growth in Capital One's...
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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