S&P: E*Trade up to positive

Standard & Poor's said it affirmed its B+ long-term counterparty rating on E*Trade Financial Corp. E*Trade Bank's counterparty ratings were affirmed at BB/B.

At the same time, the outlook for E*Trade Financial was revised to positive from stable. The outlook for E*Trade Bank remains stable.

S&P said the outlook change reflects E*Trade Financial's improvements in fundamental performance as it benefits from its strategic and operational restructuring programs, reduced balance sheet leverage at the holding company and higher core earnings at E*Trade Bank, driven primarily by lower cost funds.

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