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Navient Corp.'s $500 Million Senior Unsecured Notes Rated 'B+'

Published Jun 07, 2018

3 pages (1103 words) — Published Jun 07, 2018

Price US$ 150.00 | Buy this Report Now

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Abstract:

NEW YORK (S&P Global Ratings) June 7, 2018--S&P Global Ratings today said it assigned its 'B+' debt rating on Navient Corp.'s $500 million senior unsecured notes due in 2026. The debt rating is one notch below the 'BB-' long-term issuer credit rating on Navient because the company's tangible unencumbered assets are less than its outstanding unsecured debt. We exclude from unencumbered assets the company's overcollateralization balances associated with its asset-backed securities trusts. Navient intends to use the proceeds for general corporate purchases, including debt repurchases. RELATED CRITERIA Criteria - Financial Institutions - General: Risk-Adjusted Capital Framework Methodology, July 20, 2017 General Criteria: Methodology For Linking Long-Term And Short-Term Ratings , April 7, 2017 Criteria - Financial Institutions - General: Issue

Brief Excerpt:

...NEW YORK (S&P Global Ratings) June 7, 2018--S&P Global Ratings today said it assigned its 'B+' debt rating on Navient Corp.'s $500 million senior unsecured notes due in 2026. The debt rating is one notch below the '##-' long-term issuer credit rating on Navient because the company's tangible unencumbered assets are less than its outstanding unsecured debt. We exclude from unencumbered assets the company's overcollateralization balances associated with its asset-backed securities trusts. Navient intends to use the proceeds for general corporate purchases, including debt repurchases. RELATED CRITERIA + Criteria - Financial Institutions - General: Risk-Adjusted Capital Framework Methodology, July 20, 2017 + General Criteria: Methodology For Linking Long-Term And Short-Term Ratings , April 7, 2017 + Criteria - Financial Institutions - General: Issue Credit Rating Methodology For Nonbank Financial Institutions And Nonbank Financial Services Companies, Dec. 9, 2014 + Criteria - Financial Institutions...

Report Type:

Ratings Action

Issuer

Navient Corporation

Sector

Global Issuers

Country

United States

Region

United States

Format:

PDF

Research Update: Navient Corp. Outlook Revised To Stable On Strengthened Capital Adequacy And Access To Funding; 'BB-' Rating Affirmed – 2018/08/15 – US$ 225.00

Navient Corp. – 2018/09/04 – US$ 500.00

Summary: Navient Corp. – 2018/09/04 – US$ 225.00

Navient Corp. – 2019/04/16 – US$ 500.00

Summary: Navient Corp. – 2019/04/16 – US$ 225.00

Navient Corp. – 2017/09/27 – US$ 500.00

Summary: Navient Corp. – 2017/09/27 – US$ 225.00

Research Update: Navient Corp. 'BB-' Issuer Credit Rating Affirmed, Outlook Remains Negative; 'B+' Unsecured Debt Rating Affirmed – 2017/08/22 – US$ 225.00

Navient Corp.'s $500 Million Senior Unsecured Notes Rated 'B+' – 2017/05/24 – US$ 150.00

Navient Corp.'s $750 Million Senior Unsecured Notes Rated 'B+' – 2017/03/03 – US$ 150.00

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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Navient Corp.'s $500 Million Senior Unsecured Notes Rated 'B+'" Jun 07, 2018. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Navient-Corp-s-500-Million-Senior-Unsecured-Notes-Rated-B-2052699>

APA:	S&P Global Ratings’ Credit Research. (). Navient Corp.'s $500 Million Senior Unsecured Notes Rated 'B+' Jun 07, 2018. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Navient-Corp-s-500-Million-Senior-Unsecured-Notes-Rated-B-2052699>

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