Synchrony Financial is the largest U.S. private-label credit card issuer based on purchase volume and receivables, with a long-standing track record. We expect the company will complete its IPO over the coming months, split off from General Electric Capital Corp., and successfully transition into a stand-alone company. We are assigning a 'BBB-' issuer credit rating on Synchrony Financial. The outlook is stable, reflecting our expectation that Synchrony?s split-off from GECC will occur as planned--without any loss of key business relationships--and that the company will maintain strong capital and profitability and adequate liquidity and funding as a stand-alone company. NEW YORK (Standard&Poor's) July 15, 2014--Standard&Poor's Ratings Services today said it assigned a 'BBB-' issuer credit rating on
