Fitch affirms SLM

Fitch Ratings said it affirmed SLM Corp.'s BBB- long-term issuer default rating, F3 short-term issuer default rating, BBB- senior debt, F3 short-term debt and BB preferred stock.

The outlook is stable.

The ratings affirmation reflects the company's position as one of the largest servicers of government-guaranteed student loans and one of the largest originators and servicers of private education loans, in addition to its low consolidated credit risk, matched funding profile, stable liquidity and growing capitalization, Fitch said.

The ratings are constrained by legislative risk inherent in the industry, uncertain term funding availability for the private education loan product and limited revenue diversity, given its concentration in educational products and services, the agency said.

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