S&P boosts Advanta

Standard & Poor's said it raised its ratings on Advanta Corp., including its counterparty credit rating, which was raised to BB-/B from B+/B.

At the same time, the agency said it affirmed the BB/B counterparty credit rating on Advanta Bank Corp.

The outlook is stable.

The agency said that the rating changes were driven by the strong performance of Advanta's core business credit card unit, solid leverage metrics and steadily improving earnings and credit quality, noting that offsetting factors include the monoline nature of the company, its lack of-scale in the increasingly competitive card industry and reliance on securitization funding.

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