S&P lowers Advanta

Standard & Poor's said it lowered the long-term counterparty credit rating on Advanta Corp. to B+ from BB- and its long-term counterparty credit rating on Advanta's operating subsidiary Advanta Bank Corp. to BB- from BB.

The outlook remains negative.

The downgrades reflect material deterioration in Advanta's asset quality and profitability, and, to a lesser extent, concerns regarding its historical reliance on the asset-backed securities market for funding, according to the agency.

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