...Strengths: Weaknesses: + Stable net interest and servicing revenues from large portfolio of education loans + Limited credit risk in large portfolio of federally guaranteed education loans (FFELP) + Large scale in the education loan servicing business + Concentrated unsecured debt maturity profile + Legal and regulatory risk related to servicing of education loans + Limited, though increasing, business diversity outside of the education loan industry Outlook The stable outlook reflects S&P Global Ratings' expectation that Navient will be able to manage large upcoming unsecured debt maturities in 2019 and 2020, maintain a risk-adjusted capital (RAC) ratio over 7.0%, and continue to deliver steady operating results. We could lower the ratings in the next 12 months if we believe that Navient will have difficulty repaying its large upcoming unsecured debt maturities or its RAC ratio drops below 7.0%, perhaps as a result of share repurchases, or judgments or settlements related to litigation....
