Leading market share in U.S. private-label credit card (PLCC) industry Peer-leading, albeit declining, regulatory capital ratios Robust earnings generation through economic cycles Narrow focus on unsecured consumer credit, with a meaningful exposure to subprime borrowers Reliance on deposits raised through online and broker channels Concentration in top merchant partners Asset quality performance that is weaker than that of most peers The stable outlook on Synchrony Financial reflects S&P Global Ratings' expectation that the company will maintain a risk-adjusted capital (RAC) ratio of 7% or higher and robust regulatory capitalization over our two-year forecast horizon. We also expect the company to maintain solid financial performance and continue to diversify its funding mix. We could lower the ratings if Synchrony's capital ratios
