S&P lifts Metris ratings

Standard & Poor's said it raised its ratings on Metris Cos. Inc., including Metris' long-term counterparty rating, which was raised to CCC from CCC-. At the same time, the ratings were removed from CreditWatch, where they were placed on April 20.

The outlook is stable.

"The rating change was driven by positive operational and financial developments at the Minnetonka, Minn.-based credit card company," said S&P credit analyst Jeffrey Zaun.

S&P said it expects seasonal factors and noninterest expenses resulting from funding initiatives will pressure Metris' earnings in the short term.

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