S&P: Sallie Mae unchanged

Standard & Poor's said its ratings on SLM Corp. (BBB-/negative) remain unchanged following the company's announcement that it will acquire the residuals for $28 billion of securitized FFELP assets from Student Loan Corp. for a purchase price of $1.2 billion.

The agency said it views the transaction as positive for Sallie Mae, and additions to the company's FFELP book provide it with high-quality assets and stable cash flows if it decides to hold them for the long term.

Sallie Mae reduced some uncertainty surrounding its business model by announcing that it is no longer considering a spin transaction that would separate its private credit origination platform from its unsecured debt obligations, S&P said, and the agency views this as a positive as well.

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