...NEW YORK (S&P Global Ratings) Nov. 16, 2017--S&P Global Ratings today said its ratings on Synchrony Financial (###-/Stable/--) are not affected by the company's agreement to acquire and manage PayPal Holdings Inc.'s (###/Stable/A-2) consumer credit receivables portfolio. We expect the acquisition of PayPal's receivables portfolio to increase loan receivables about 8% once the transaction closes (expected in third-quarter 2018). This is in addition to our organic growth projections of receivables growth in the high single digits. We view this rate of growth as aggressive. Moreover, we believe this rate of growth, combined with a total shareholder payout approaching 100%, will accelerate the reduction of Synchrony's regulatory risk-based capital ratios. Nonetheless, we expect Synchrony's regulatory risk-based capital ratios to remain peer leading, which is important to the ratings given Synchrony's narrow business model and higher-than-peers credit losses. Although the credit characteristics...
