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Fitch to Rate Capital One's $1B Trust Preferred Issuance 'BBB'

Posted : Mon, 09 Nov 2009 21:43:49 GMT
Author : Fitch Ratings
Category : Press Release
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NEW YORK - (Business Wire) Fitch Ratings expects to assign a 'BBB' rating to Capital One Financial Corporation's (COF) $1 billion issuance of 30-year, trust preferred securities issued out of Capital One Capital VI.

The underlying junior subordinated securities are cumulative, contain a five-year optional deferral provision, and rank senior to hybrid debt instruments issued from Capital One Capital II, III, and IV, and rank pari passu to hybrid debt instruments issued from Capital One Capital V.

According to Fitch's Hybrid Equity Criteria, the security is considered Class D, and will therefore receive 75% equity credit. All of the proceeds will be treated as Tier I capital for regulatory purposes.

This rating action did not constitute a full review of COF and its subsidiaries and, therefore, did not address every aspect of Fitch's rating criteria.

Fitch expects to assign the following:

Capital One Capital VI

--Trust preferred securities 'BBB'.

Additional information is available at 'www.fitchratings.com'

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings
Meghan (Crowe) Neenan, CFA +1-212-908-9121
Christopher D. Wolfe, +1-212-908-0771 (New York)
Media Relations:
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com


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