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 Legal and regulatory risk related to servicing of education loans Business concentration in the education loan industry, though increasing diversity through business processing segment 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 12 months and continue to deliver steady operating results. We expect Navient will maintain a risk-adjusted capital (RAC) ratio over 7.0%, although it may fall below 7.0% when the Current Expected Credit Loss (CECL) standard is initially adopted in 2020.
