S&P rates Synchrony notes BB+

S&P said it assigned its BB+ long-term debt rating on Synchrony Financial's $750 million issuance of subordinated unsecured notes due 2033.

“The rating on the subordinated debt is two notches lower than the Synchrony's stand-alone credit profile of bbb based on the structural subordination of the holding company and the issue's subordination to existing and future senior unsecured debt,” S&P said in a statement.

The proceeds will build Synchrony's regulatory capital, since it qualifies as a tier 2 instrument, and support its business growth plans.

The outlook is stable.

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