...October 31, 2023 ENGLEWOOD (S&P Global Ratings) Oct. 31, 2023--S&P Global Ratings today said it assigned its 'B+' debt rating on Navient Corp.'s proposed issuance of $500 million in senior unsecured notes due 2031. The company intends to use net proceeds for general corporate purposes, including debt repurchases, which could include redemptions, open market debt repurchases, or tender offers. The debt rating at 'B+' is one notch below the issuer credit rating on Navient (##-/Stable/B) as the company's unencumbered assets to unsecured debt ratio is well below 1.0x. We exclude from unencumbered assets the company's overcollateralization balances associated with its asset-backed securities trusts, although the company has successfully borrowed funds against those balances. We expect the company will prudently address its upcoming unsecured debt maturities. As of Sept. 30, 2023, Navient has about $1.3 billion in unsecured notes due 2024, $851 million of which are due March 2024 and $500 million...
