Stable net interest and servicing revenue from large portfolio of education loans Limited credit risk in large portfolio of federally guaranteed education loans (Federal Family Education Loan Program) Legal and regulatory risk related to servicing education loans Business concentration in the education loan industry, though diversity is increasing through the business processing segment The stable outlook indicates our expectation that Navient will be able to manage unsecured debt maturities in the next 12 months and deliver steady operating results. We also expect Navient will maintain a RAC ratio over 7.0%. We could lower the ratings in the next 12 months if we think that Navient will have difficulty repaying its large upcoming unsecured debt maturities or will be unable to
