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“We believe the banking industry is undergointg a structural transformation that may includew radical changes withpermanent repercussions,” said S&P credi t analyst Rodrigo Quintanilla. “Financial institutions are nowshedding balance-sheet risk and alterintg funding profiles and strategies for the marketplace’ds new reality.” Capital One’s counterpartg credit rating was cut to BBB from BBB+ with its outlookj “negative.” In addition to Capital One, S&oP cut its ratings on , , and 14 other banks.
Standard & Poor’s says it believes loan losseas will continueto increase, although recengt capital rebuilding should help banks defray thosed losses. It notes the high number of banksawith “negative” outlooks, which suggests ratings could decline further. Capital One was not one of the banks orderer to raise additional capital after the completionb ofthe government’s stress The McLean-based company says it will repau $3.6 billion in TARP money it received last Capital One stock (NYSE: COF) was down 83 cent to $22.32 per share in afternoonm trading. Its shares have lost 30 percentt of their valuethis year.
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