2009-11-09 22:51:02 -
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'.
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