Research Update: S&PCORRECT: Freddie Mac 'AAA/A-1+' Sr Unsecured Debt Rtg Affirmed; Others Lowered, Off Watch Aug 08

Standard & Poors, August 2008

Abstract
On Aug. 11, 2008, Standard & Poor's Ratings Services affirmed its 'AAA/Stable/A-1+' senior unsecured debt rating on Freddie Mac. At the same time, we lowered our subordinated debt and preferred stock ratings on Freddie Mac to 'A-' from 'AA-' and our risk-to-the government rating to 'A' from 'AA-'. These ratings are removed from CreditWatch Negative where they were placed July 25, 2008. The outlook is negative. The affirmation of the 'AAA/A-1+' senior debt rating reflects the strong explicit and implicit U.S. government support these securities hold in the marketplace, as evidenced by the recent U.S. Treasury actions. This underscores the key public policy role and the key liquidity role the congressionally chartered government-sponsored enterprises (GSEs) have in the U.S. mortgage...

Companies mentioned in this report are: Freddie Mac
Action: Affirmed
Action: Downgraded
Action: Outlook: Negative
Action: Removed From CreditWatch

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Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Freddie Mac

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