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 The stable outlook reflects S&P Global Ratings' expectation that Navient Corp. will be able to manage large upcoming unsecured debt maturities in the next twelve months, 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
