Fitch Ratings took several rating actions on SLM Corp. or Sallie Mae.

The student loan firm's long-term Issuer Default Rating (IDR) was downgraded to 'BBB-' from 'BBB' while its short-term IDR affirmed at 'F3.' SLM's senior debt was downgraded to 'BBB-' from 'BBB' while its short-term debt was affirmed at 'F3.' Meanwhile, the company's preferred Stock downgraded to 'BB' from 'BB+.'

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