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

Navient Corp.'s Proposed Senior Unsecured Notes Rated 'B+'

Navient Corp.'s Proposed Senior Unsecured Notes Rated 'B+' - S&P Global Ratings’ Credit Research
Navient Corp.'s Proposed Senior Unsecured Notes Rated 'B+'
Published Jan 23, 2020
3 pages (1302 words) — Published Jan 23, 2020
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Jan. 23, 2020--S&P Global Ratings today said it assigned its 'B+' debt rating on Navient Corp.'s proposed issuance of senior unsecured notes. 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, although the company has successfully borrowed funds against the over-collateralized balances. Navient intends to use the proceeds for general corporate purchases, including debt repurchases. Our ratings on Navient reflect its business concentration in education loans and servicing, including its large portfolio of Federal Family Education Loan Program (FFELP) loans, which

  
Brief Excerpt:

...January 23, 2020 NEW YORK (S&P Global Ratings) Jan. 23, 2020--S&P Global Ratings today said it assigned its 'B+' debt rating on Navient Corp.'s proposed issuance of senior unsecured notes. 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, although the company has successfully borrowed funds against the over-collateralized balances. Navient intends to use the proceeds for general corporate purchases, including debt repurchases. Our ratings on Navient reflect its business concentration in education loans and servicing, including its large portfolio of Federal Family Education Loan Program (FFELP) loans, which will run off over time, as well as legal and regulatory risk associated with servicing student loans. The company's large...

  
Report Type:

Ratings Action

Issuer
Navient Corporation
GICS
Consumer Finance (40202010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
Buy Now

Navient Corp. – 2020/10/01 – US$ 500.00

Navient Corp. – 2021/05/18 – US$ 500.00

Navient Corp. – 2021/12/20 – US$ 500.00

Navient Corp. – 2019/10/04 – US$ 500.00

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

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

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

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

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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 Proposed Senior Unsecured Notes Rated 'B+'" Jan 23, 2020. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Navient-Corp-s-Proposed-Senior-Unsecured-Notes-Rated-B-2372185>
  
APA:
S&P Global Ratings’ Credit Research. (). Navient Corp.'s Proposed Senior Unsecured Notes Rated 'B+' Jan 23, 2020. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Navient-Corp-s-Proposed-Senior-Unsecured-Notes-Rated-B-2372185>
  
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