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BULLETIN: Freddie Mac to Maintain New Mandatory Target Capital Surplus Jan 04
Standard & Poors, Jan 2004
Abstract
NEW YORK (Standard & Poor's) Jan. 29, 2004--Freddie Mac's (senior unsecured debt 'AAA/A-1+') regulator, the Office of Federal Housing Enterprise Oversight, issued a letter today directing Freddie Mac to maintain a mandatory target capital surplus of 30% over its minimum capital requirement. This new regulatory directive does not change the statutory minimum capital requirement of Freddie Mac. As such, the payment deferral covenants of Freddie Mac's subordinated debt (Freddie SUBS) and preferred stock remain unchanged. Maintaining compliance with its minimum capital requirement is a requirement for Freddie Mac in order to maintain timely payment on its subordinated notes, SUBS, and preferred stock. Freddie Mac's minimum capital requirement at Nov. 30, 2003, was $25.096 billion and the company's actual capital surplus...
Companies mentioned in this report are: Freddie Mac
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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