In Brief: Advanta Preferred Given Ba2 Rating

NEW YORK - Moody's Investors Service Inc. assigned a Ba2 rating to Advanta Corp. for its approximately $90 million offering of cumulative convertible preferred stock.

Moody's said that the preferred stock rating reflects Advanta's proven track record in the credit card industry, as well as Moody's expectation that the credit card business will be pressured by intensifying competition.

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