Yes, the color in the listing is true. It's absolutely a gorgeous color, just trying to properly label it in my stash. I would go with light navy or 'cadet blue', which is more of a muted navy blue:I don't have the swatches, but this 1994 catalog photo lists Soho colors Black, Bottle Green, British Tan, Butterscotch, Chambray, Mahogany, Navy, Ocean, Stone and White. Not all styles were available in all colors.
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From your post on the Authentication thread, I checked the eBay listing. Your 1994 Waverly might be Navy, slightly faded. Is this a pretty good shot of the actual color?
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The other blue choices were Ocean (looks pale greenish-blue in the catalog pic above) and Chambray (no known examples, could be a lighter blue).
The creed shown looks like it was pretty faded already. I've had "creed fade" happen on both Lightweights and Classic bags after dunking, so I'm learning to be more cautious, and accept it if it happens. I don't think there's any way to fix it. I know it's disappointing...sorry it happened! Nevertheless, it looks like you got a gorgeous bag!

I've seen what I would call light denim/Chambray Waverly bags, it's definitely darker than that. It is a truly lovely bag. Too bad about the creed. Live and learn.