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 Strong capitalization and conservative capital distribution plans Seasoned and experienced management team that managed a successful separation from GE Relatively narrow business model, including concentration in unsecured consumer credit High merchant partner concentration in the retail card portfolio Normalizing asset quality Greater dependence on brokered deposits and wholesale funding compared with peers The stable outlook on Synchrony Financial reflects S&P Global Ratings' expectation that the company will maintain robust capitalization, even as it increases its capital payouts. We also expect the company to maintain solid financial performance--in spite of
