Navient Corp. has significant unsecured debt maturities coming due over the next five years relative to its unencumbered assets. We are revising our outlook on Navient to negative from stable, and we are affirming our 'BB/B' issuer credit ratings. At the same time, we are lowering our senior unsecured debt rating to 'BB-' from 'BB'. The negative outlook reflects that we could lower the ratings if, over the next six to 12 months, Navient's funding and liquidity profile weakens, in our view. On Dec. 21, 2015, Standard&Poor's Ratings Services revised the outlook on Navient Corp. to negative from stable. At the same time, we affirmed our 'BB/B' long- and short-term issuer credit ratings on Navient. We also lowered
