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Fitch places Discover on positive watch
Fitch Ratings said it placed the BBB+ ratings of Discover Financial Services and its operating subsidiary, Discover Bank on rating watch positive following the announced sale of the company to Capital One Financial Corp. (COF).
The rating watch positive reflects Fitch's view that the purchase by COF, which has an A- issuer default rating, will likely result in a stronger company than DFS on a stand-alone basis, the agency said.
“Fitch will resolve DFS' rating watch upon the completion of the transaction with COF, which is expected in late 2024 or early 2025, subject to satisfaction of customary closing conditions, including regulatory approvals and approval by the shareholders of each company,” the agency said in a statement.
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