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Fitch: Metris on positive watch, HSBC affirmed
Fitch Ratings said it affirmed HSBC Finance Corp.'s ratings and placed Metris Cos. Inc.'s ratings, including the B- senior unsecured debt, on rating Watch positive, following the announcement of HSBC's acquisition of Metris in a cash transaction totaling $1.6 billion.
Fitch said it believes this acquisition complements HSBC Finance's existing credit card business by providing additional scale in the rapidly consolidating U.S. credit card segment.
Moreover, Fitch added it believes the continuing improvement in the Metris credit card portfolio mitigates concerns surrounding the relative difference between Metris and HSBC Finance's general-purpose credit cards.
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