Moody's has affirmed Navient Corp.'s Ba3 corporate family rating with a stable outlook.

The affirmation reflects the company's stable earnings and the strong asset quality of its $105 billion legacy student loan portfolio. The ratings action also reflects the likelihood that net income decline will slow as the company grows its origination business and continues to expand its business services businesses.

The outlook reflects the rating agency's expectation that Navient will continue to execute its origination strategy, maintain solid financial performance and current leverage levels and conservatively manage its liquidity and funding needs.