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S&P affirms Synchrony Financial

S&P Global Ratings affirmed its issuer credit rating on Synchrony Financial at BBB- and the issuer credit rating on Synchrony Bank at BBB.

The outlook remains stable.

The affirmation reflects S&P's view that Synchrony will maintain peer-leading regulatory capital ratios, despite an expected decline in 2018 from the acquisition of PayPal Holdings Inc.'s receivables portfolio and continued return of capital to shareholders. It also reflects the structural features of Synchrony's contracts with its cardholders and retail partners that reduce risk, further supporting the ratings.

The stable outlook reflects the rating agency's expectation that the company will maintain a risk-adjusted capital ratio of 7% or higher and robust regulatory capitalization over S&P's two-year forecast horizon.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.