ENGLEWOOD (S&P Global Ratings) May 14, 2025--S&P Global Ratings today said it assigned its 'BB-' debt rating on Navient Corp.'s proposed issuance of $500 million in senior unsecured notes due 2032. The company intends to use the net proceeds for general corporate purposes, including debt repurchases, which could include redemptions, open market debt repurchases or tender offers, and related fees. The 'BB-' debt rating is one notch below the issuer credit rating on Navient (BB/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 Navient has successfully borrowed funds against those balances. We expect the company will prudently address its
