Bulletin: SLM Corp. Ratings Remain Unchanged Following $1.5 Billion Notes Issuance Jan 13
- ID: 2384237
- January 2013
- Standard & Poors
NEW YORK (Standard & Poor's) Jan. 24, 2013--Standard & Poor's Ratings Services today said its ratings on SLM Corp. (BBB-/Stable/A-3) are unchanged following the company's issuance of $1.5 billion of medium-term notes. (The notes consist of $1 billion of 5.50%, 10-year senior notes and $500 million of 3.875%, three-year senior notes, an extension of the three-year note program issued in September 2012.) The yields are the lowest for SLM Corp. notes of these maturities since the early 2000s--a positive for the company's funding profile and debt costs, especially following its moderate earnings announcement last week. It reported that fourth-quarter core earnings declined by $11 million from fourth-quarter 2011 (see "EARNINGS UPDATE: SLM Corp. Ratings Unaffected By Moderate Fourth-Quarter Earnings," published...
Companies mentioned in this report are:
- Navient LLC.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.