An experienced leader in the U.S. private-label credit card industry based on purchase volume and receivables with a longstanding 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 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 Our expectation for weaker near-term financial performance and negative operating leverage in the next year because of build out of public company infrastructure, which we view as transitory Standard&Poor's Ratings Services' stable outlook on Synchrony Financial reflects our expectation that the split-off from parent
