Navient has reduced outstanding unsecured debt due in 2018 and extended its debt maturities while generating steady cash from operations and maintaining adequate risk-adjusted capital, in our view. We are affirming our 'BB-' long-term issuer credit rating on Navient and our 'B+' senior unsecured debt rating. The negative outlook mainly reflects the risks we see stemming from concentrations of debt maturities in 2018-2020 and recent litigation against the company. On Aug. 22, 2017, S&P Global Ratings affirmed its 'BB-/B' long- and short-term issuer credit ratings on Navient Corp. The outlook remains negative. At the same time, we affirmed our 'B+' senior unsecured debt rating. The rating affirmation reflects Navient's stable operating cash flows, maintenance of adequate risk-adjusted capital, ability to
