SLM Corporation -- Moody's issues clarification regarding rating action on SLM Corporation

New York, May 31, 2013 -- Moody's Investors Service issued a clarification regarding SLM Corporation's preferred stock following its recently announced reorganization. On May 29, 2013, Moody's placed the Corporate Family Rating (CFR) and long-term ratings of SLM (CFR and senior unsecured Ba1) on review for possible downgrade. That action followed SLM's announcement of the same date that it intended to reorganize its business into two separate companies, a new entity not yet named (Newco), which will contain SLM's legacy FFELP and private education loan portfolios, FFELP and Department of Education loan servicing operations, collections business, and all of SLM's existing unsecured and secured debt; and SLM Bank, which will contain the company's current banking operations, private education loans and related origination and servicing platforms, cash and other investments, and the Sallie Mae Upromise Rewards program.

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