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S&P lifts Metris
Standard & Poor's said it raised its long-term counterparty credit rating on Metris Cos. Inc. to B from CCC+ and its senior unsecured debt were raised to B- from CCC.
The agency also said it assigned its BB- long-term counterparty credit ratings to Metris' subsidiary, Direct Merchants Credit Card Bank NA.
The outlook is stable.
The change was driven by improvements in liquidity, asset quality and profitability, S&P said.
The agency added that asset quality remains poor relative to that of other card issuers, but the spread earned on Metris' moderate-income customers is also higher.
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