Fitch Ratings Unsecured Debt of Capital One Financial Corporation “A-“

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NEW YORK–(COMMERCIAL THREAD) – Fitch Ratings has assigned an “A-” rating to Capital One Financial Corporation’s (COF) $ 3 billion unsecured debt issue. The issue is divided into four installments as follows:

– $ 750 million of 2.125% notes due July 15, 2014;

– $ 750 million of 3.15% notes due July 15, 2016;

– $ 1.25 billion in 4.75% notes due July 15, 2021;

– $ 250 million in floating rate notes, priced at three-month LIBOR plus 1.15%, due July 15, 2014.

The proceeds are expected to be used to finance part of the acquisition of ING Direct USA, which is expected to be finalized at the end of 4Q11 or the beginning of 1Q12.

This rating action was motivated by the announcement of specific events related to the issue of unsecured debt. Fitch did not conduct a full review as described in its rating criteria for global financial institutions, but limited its review to an assessment of the impact of the event on the bank’s unsecured debt rating. . These ratings were last reviewed in April 2011; for details, see Fitch’s press release “Fitch Affirms Capital One’s Long-term IDR at“ A- ”; Outlook Remains Stable ”, dated April 11, 2011, at“ www.fitchratings.com ”.

Fitch is currently evaluating Capital One Financial Corp. as following :

–Long Term Issuer Default Rating (IDR) “A-”;

– Short term IDR “F1”;

–Individual “B / C”;

–Senior unsecured and senior shelf ‘A-‘;

– “BBB +” subordinated debt;

–Support ‘5’; and

– ‘NF’ support floor.

The rating outlook is stable.

Further information is available at ‘www.fitchratings.com’.

Applicable criteria and related research:

– ‘Rating criteria for global financial institutions’ (August 16, 2010);

– “Banking holding companies” (December 30, 2009).

Applicable criteria and related research:

Rating criteria for global financial institutions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547685

Bank holding companies

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=493324

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