Credit Rating
The SLM Corporation, the educational lender known as Sallie Mae, had its long-term credit ratings cut by Moody’s Investors Service to two levels above junk Tuesday on concern that a change in the company’s strategy will erode profitability. Moody’s reduced Sallie Mae’s senior unsecured long-term debt rating to Baa2 from Baa1 and said the outlook was “negative,” according to a statement Tuesday. Sallie Mae said it had hired a chief credit officer, filling a new position, as it makes more loans
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