Fitch puts Metris on negative watch

Fitch Ratings said it has placed Metris Cos. Inc.'s CCC senior unsecured rating on Rating Watch negative.

The ratings agency said the action follows the Metris' announcement that its external auditor, KPMG LLP, has issued a letter to the audit committee citing material weakness surrounding internal controls around the valuation of the company's retained interest in securitized assets.

As a result, Metris has delayed the filing of its quarterly 10-Q report to the Securities and Exchange Commission.

Fitch's Rating Watch reflects the uncertainty around this recently identified issue and the ultimate impact on Metris' financial condition and liquidity.

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