An experienced leader in the U.S. private-label credit card industry based on purchase volume and receivables with a long-standing operational track record High earnings capacity and profitability through the last downturn Our expectation for capital growth and conservative capital distribution plans Seasoned and experienced management team that managed a successful separation from GE Limited diversification, given the intrinsic consumer focus of the company's businesses High business concentration in its retail card portfolio, which is dominant in terms of revenues and profitability Greater dependence on brokered deposits and wholesale funding compared with peers Potential for asset quality weakness, given business mix The stable outlook on Synchrony Financial reflects S&P Global Ratings' expectation that Synchrony will maintain robust capitalization, with conservative capital
