Fitch Plans to Withdraw SLM Corporation's Ratings

CHICAGO--()--Fitch Ratings plans to withdraw the ratings of SLM Corporation (Sallie Mae) on or about April 30, 2014; the day of the planned strategic separation of its loan management, servicing and asset recovery business, known as Navient Corporation (Navient), from its consumer banking business, known as SLM BankCo. After the separation, SLM BankCo will be renamed SLM Corporation.

Fitch will rate Navient going forward. SLM Corporation, which will primarily be an originator of private student loans, will no longer be rated by Fitch. Fitch will withdraw the ratings on the preferred instruments of SLM Corporation following the separation, as they will not be obligations of Navient.

Fitch currently rates SLM Corporation as follows:

SLM Corporation:

--Long-term IDR 'BB+' ;

--Short-term IDR 'B';

--Senior unsecured debt 'BB+';

--Preferred stock 'BB-'.

Fitch reserves the right in its sole discretion to withdraw or maintain any rating at any time for any reason it deems sufficient. Fitch believes that investors benefit from increased rating coverage by Fitch and is providing notice to the market on the withdrawal of SLM Corporation ratings as a courtesy to investors.

Fitch's last rating action occurred on May 29, 2013. Fitch downgraded its long-term ratings on SLM Corporation to 'BB+' and short-term ratings to 'B'.

Additional information is available at 'www.fitchratings.com'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Daniel P. Whalen
Senior Director
+1-312-368-2067
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Media Relations
Brian Bertsch, +1 212-908-0549
brian.bertsch@fitchratings.com

Sharing

Contacts

Fitch Ratings
Daniel P. Whalen
Senior Director
+1-312-368-2067
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Media Relations
Brian Bertsch, +1 212-908-0549
brian.bertsch@fitchratings.com