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NEW YoRK-Duff & Phelps Credit Rating Co. reaffirmed its debt ratings for Horsham, Pa.-based Advanta Corp., a major publicly owned subprime mortgage lender, and its two bank subsidiaries, Advanta National Bank and Advanta National Bank USA.
Advanta's senior debt was reaffirmed with a BBB- rating. The preferred stock was reaffirmed at BB, the long-term obligation for the two bank subsidiaries were reaffirmed at BBB and the subordinated debt rating for Advanta National Bank USA was reaffirmed at BBB-.
In addition, the short-term obligation ratings for the bank subsidiaries were reaffirmed at D-2 and the preferred stock rating for Advanta Capital Trust was reaffirmed at BB.
The reaffirmations from Duff & Phelps are a vote of confidence for the company that just three months ago saw the rating agencies collectively drop their investment grades...