Navient has significantly reduced near-term unsecured debt that will mature in 2017 and to a lesser extent in 2018, and we expect the company will maintain sufficient liquidity over the next 12 months. We are affirming our 'BB' long-term issuer credit rating on Navient and our 'BB-' senior unsecured debt rating. The negative outlook reflects the risk we see arising from large concentration of unsecured debt maturities remaining in 2018-2020. On Nov. 17, 2016, S&P Global Ratings affirmed its 'BB/B' long-term and short-term issuer credit ratings on Navient Corp. The outlook remains negative. At the same time, we affirmed our 'BB-' senior unsecured debt rating. The ratings affirmation reflects actions that Navient has taken to reduce unsecured debt maturities in
