Fitch Ratings on July 30 revised the rating outlook on Synchrony Financial to negative from stable.

The rating agency, among other ratings, affirmed Synchrony Financial's and unit Synchrony Bank's long-term issuer default rating and senior unsecured debt rating at BBB- and viability rating at "bbb-."

The outlook revision follows the July 26 announcement of Walmart Inc.'s selection of Capital One Financial Corp. as its new store credit card issuer after ending its co-branded card deal with Synchrony Financial.

The loss of the partnership, according to Fitch, has negative earnings implications for Synchrony Financial and "underscores the heightened competitive environment that exists in the private label and co-brand credit card industry, which creates greater uncertainty about the firm's market position."