NEW YORK - (Business Wire) Fitch Ratings expects to assign a rating of 'BBB-' to Discover Bank's subordinated debt issuance. Proceeds from the issuance are expected to be used for general corporate purposes. Fitch expects to assign the following:
Discover Bank
--Subordinated debt 'BBB-'.
Fitch's current ratings on Discover are as follows:
Discover Financial Services
--Long-term Issuer Default Rating (IDR) 'BBB';
--Short-term IDR 'F2';
--Individual 'C';
--Senior debt 'BBB';
--Preferred stock 'BB+';
--Support '5';
--Support Floor 'NF'.
Discover Bank
--Long-term IDR 'BBB';
--Short-term IDR 'F2';
--Individual 'C';
--Short-term Deposits 'F2';
--Long-term Deposits 'BBB+';
--Support '5';
--Support Floor 'NF'.
The Rating Outlook is Negative.
Additional information is available at 'www.fitchratings.com'.
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Fitch Ratings
Meghan (Crowe) Neenan, CFA +1-212-908-9121
Christopher D. Wolfe, +1-212-908-0771 (New York)
Media Relations:
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