Sallie Mae 2008 Annual Report Download - page 97
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Unsecured On-Balance Sheet Financing Activities
The following table presents the senior unsecured credit ratings assigned by major rating agencies as of
February 27, 2009.
Moody’s S&P Fitch
Short-term unsecured debt ................................... P-2
(1)
A-3 F3
Long-term senior unsecured debt............................... Baa2
(1)
BBB- BBB
(1)
Under review for potential downgrade.
The table below presents our unsecured on-balance sheet funding by funding source for the years ended
December 31, 2008 and 2007.
2008 2007 2008 2007
Debt Issued
For The Years
Ended December 31,
Outstanding at
December 31,
Convertible debentures ........................... $ — $ — $ — $ —
Retail notes ................................... — 59 3,914 4,192
Foreign currency denominated notes
(1)
............... — 161 12,127 12,805
Extendible notes ............................... — — 1,464 5,749
Global notes (Institutional) ........................ 2,437 1,348 19,874 21,750
Medium-term notes (Institutional) ................... — — 597 597
Total unsecured corporate borrowings . . . ............. 2,437 1,568 37,976 45,093
Term bank deposits ............................. 2,845 552 2,256 254
Total ........................................ $5,282 $2,120 $40,232 $45,347
(1)
All foreign currency denominated notes are hedged using derivatives that exchange the foreign denomination for U.S. dollars.
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