The negative outlook on the senior unsecured rating reflects Moody's opinion that the factors that are driving the deterioration of Advanta's financial performance — deep recessionary conditions in the U.S. and the firm's concentrated exposures to areas of the country experiencing the most severe economic downturn, including California and Florida — are probably going to continue to affect the firm's performance over the course of 2009 and likely well into 2010. The stable outlook on the trust preferred securities reflects the 'C' rating, which is Moody's lowest rating. The last rating action on Advanta was on Jan 30, which was when Moody's lowered the firm's ratings and assigned a negative outlook.