S&P: Discover unchanged

Standard & Poor's said the ratings on Discover Financial Services (BBB-/stable/A-3) will not be affected, following the announcement that it will record a one-time, noncash impairment charge of $422 million.

The agency said that the charge is related to Discover Financial's Goldfish MasterCard and Visa credit card business in the United Kingdom.

S&P noted that the company's U.K. portfolio continued to suffer losses because of deteriorating asset quality and a difficult operating environment, and the high cost of funding in the U.K., coupled with the continued disruption in the country's financial markets, has negatively affected the book value of the Goldfish business.

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