S&P affirms Advanta

Standard & Poor's said it affirmed its ratings on Advanta Corp. and its subsidiaries, including the BB- long-term counterparty credit rating on Advanta and the BB long-term counterparty credit rating on its operating subsidiary, Advanta Bank Corp.

At the same time, the agency said that the outlook was revised to negative from stable.

According to S&P, the outlook revision reflects deterioration in Advanta's asset quality beyond its expectations, as worsening economic conditions pressure the company's small business clients.

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