Investing.com -- On Sunday, May 18, 2025, Capital One Financial Corp (NYSE: COF ). finalized its acquisition of Discover Financial Services (NYSE: DFS ) Inc. In response to this completion, S&P Global Ratings increased its issuer credit rating for Discover Financial Services from ’BBB-’ to ’BBB’. This new rating matches the current rating for Capital One.

Further, S&P Global Ratings also improved the issuer credit rating for Discover Bank, lifting it from ’BBB’ to ’BBB+’. All issue ratings experienced a similar one-notch upgrade.

Following these upgrades, S&P Global Ratings opted to withdraw the issuer credit ratings for both Discover Financial Services and Discover Bank. In addition, the ’BB’ issue rating for Discover Financial’s preferred stock was also withdrawn. All remaining issue ratings have been transferred to Capital One.

This series of actions took place after Capital One assumed all of Discover’s outstanding debt post-acquisition. The acquisition and subsequent rating changes reflect the ongoing changes in the financial landscape as companies merge and consolidate.

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