Navient's business strategy is concentrated in student loans and servicing. The company's capital metrics have declined, and we believe there is increased risk of nonperforming assets due to the current economic environment. As a result, we are revising our outlook to negative from stable. At the same time, we are affirming our long-term issuer credit rating on the company at 'BB-' and unsecured debt rating at 'B+'. The negative outlook on Navient reflects the economic fallout from COVID-19 and the potential impact on the company's earnings, leverage, and asset quality. In particular, we believe that elevated levels of forbearance and credit deterioration could further erode earnings or impede plans to return capital adequacy to expected levels. On May 13, 2020,