Navient Corp.'s $750 Million Senior Unsecured Notes Rated 'B+' - S&P Global Ratings’ Credit Research

Navient Corp.'s $750 Million Senior Unsecured Notes Rated 'B+'

Navient Corp.'s $750 Million Senior Unsecured Notes Rated 'B+' - S&P Global Ratings’ Credit Research
Navient Corp.'s $750 Million Senior Unsecured Notes Rated 'B+'
Published Mar 03, 2017
3 pages (1142 words) — Published Mar 03, 2017
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) March 3, 2017--S&P Global Ratings today said it assigned its 'B+' debt rating on Navient Corp.'s $750 million senior unsecured notes due in 2022. The debt rating is one notch below the 'BB-' long-term issuer credit rating because Navient'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's intended use of proceeds are for general corporate purchases, including debt repurchases. RELATED CRITERIA Criteria - Financial Institutions - General: Nonbank Financial Institutions Rating Methodology, Dec. 09, 2014 Criteria - Financial Institutions - General: Issue Credit Rating Methodology For Nonbank Financial Institutions And Nonbank Financial Services Companies, Dec. 09, 2014

  
Brief Excerpt:

...NEW YORK (S&P Global Ratings) March 3, 2017--S&P Global Ratings today said it assigned its 'B+' debt rating on Navient Corp.'s $750 million senior unsecured notes due in 2022. The debt rating is one notch below the '##-' long-term issuer credit rating because Navient'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's intended use of proceeds are for general corporate purchases, including debt repurchases. RELATED CRITERIA + Criteria - Financial Institutions - General: Nonbank Financial Institutions Rating Methodology, Dec. 09, 2014 + Criteria - Financial Institutions - General: Issue Credit Rating Methodology For Nonbank Financial Institutions And Nonbank Financial Services Companies, Dec. 09, 2014 + General Criteria: Group Rating Methodology, Nov. 19, 2013 + Criteria - Financial Institutions - Banks: Quantitative Metrics...

  
Report Type:

Ratings Action

Issuer
Navient Corporation
Sector
Global Issuers
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Navient Corp.'s $750 Million Senior Unsecured Notes Rated 'B+'" Mar 03, 2017. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Navient-Corp-s-750-Million-Senior-Unsecured-Notes-Rated-B-1809749>
  
APA:
S&P Global Ratings’ Credit Research. (). Navient Corp.'s $750 Million Senior Unsecured Notes Rated 'B+' Mar 03, 2017. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Navient-Corp-s-750-Million-Senior-Unsecured-Notes-Rated-B-1809749>
  
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