Navient has strengthened its capital adequacy and demonstrated access to both unsecured debt capital markets and alternative sources of secured financing while maintaining steady operating results. We are revising our outlook on Navient to stable from negative. We are also affirming our 'BB-' issuer credit rating and 'B+' senior unsecured debt ratings on Navient. The stable outlook reflects our expectation that Navient will be able to manage large upcoming unsecured debt maturities in 2019 and 2020, maintain a risk-adjusted capital ratio over 7.0%, and continue to deliver steady operating results. On Aug. 15, 2018, S&P Global Ratings revised its outlook on Navient Corp. to stable from negative. At the same time, we affirmed our 'BB-' long-term issuer credit and 'B+'
