Analysts warned Thursday that a planned acceleration of Bank One Corp.'s stock buyback program could jeopardize its credit ratings.

The $256 billion-asset banking company told analysts on Wednesday that it planned to purchase 20 million of its shares on the open market by the end of this year. The disclosure came in a conference call during which Bank One executives explained why earnings would fall well short of expectations. The problems were centered in the First USA credit card division.

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