S&P: Metris on developing watch

Standard & Poor's said it placed its ratings on Metris Cos. Inc., including Metris' CCC- long-term counterparty credit rating, on CreditWatch with developing implications.

"The CreditWatch listing is driven by operational and financial developments at the Minnetonka, Minn.-based credit card company that will bring Metris' funding situation to a head during the final two weeks of April," said S&P credit analyst Jeffrey Zaun. "Specifically, the firm's upcoming corporate debt issue will make or break Metris' ability to fund operations through 2005.

"Metris' operating performance has improved and its funding through 2005 will be locked in if its upcoming corporate debt issue is successful. Standard & Poor's will monitor the firm's situation vis-à-vis regulatory investigations as well as its ability to demonstrate a competitive advantage in the credit card industry."

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