Fitch Downgrades North Fork

Fitch Ratings has removed North Fork Bancorp. Inc., the parent company of GreenPoint Mortgage, from Rating Watch Negative but has downgraded its long-term issuer default rating following completion of its acquisition by Capital One Financial Corp.The downgrade of North Fork from A-minus to BBB-plus reflects the ratings equalization with Capital One. Capital One's issuer default rating was affirmed -- in light of the deal, Fitch had upgraded Capital One in March and given it a Positive Rating Outlook. "The Positive Outlook continues to reflect Fitch's view that [Capital One] will enhance its franchise through the NFB acquisition," the rating agency said. North Fork brings with it a "material residential mortgage banking platform," an area in which Capital One has a small presence, as well as strong deposit share in the New York City area, Fitch said.