Fitch Upgrades Metris Companies Inc., Removes from Watch Positive

Business Wire, Dec 1, 2005

NEW YORK -- Fitch Ratings has upgraded the long-term ratings of Metris Companies Inc. (Metris) and Direct Merchants Credit Card Bank, N.A. (DMCCB) to 'AA-' from 'B-' and removed them from Rating Watch Positive where they were placed on Aug. 5, 2005. Concurrent with these actions, Fitch has withdrawn all outstanding ratings of Metris and DMCCB. A complete list of affected ratings is detailed below. These actions follow the completion of the company's acquisition by HSBC Finance, rated 'AA-' by Fitch.

The following ratings upgraded and removed from Rating Watch Positive and withdrawn by Fitch:

Metris Companies Inc.

-- Senior debt to 'AA-' from 'B-'.

Direct Merchants Credit Card Bank, N.A.

-- Long-term to 'AA-' from 'B';

-- Short-term to 'F1 ' from 'B'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria, and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance, and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.