Research Update: Fannie Mae And Freddie Mac 'AAA/A-1+' Unsecured Ratings Affirmed; Preferred Stock Rating Cut Sep 08

Standard & Poors, September 2008

Abstract
On Sept. 7, 2008, Standard & Poor's Ratings Services affirmed its long-term 'AAA' and short-term 'A-1+' senior unsecured debt ratings on Fannie Mae and Freddie Mac. The outlook is stable. At the same time, we lowered our risk-to-the-government standalone issuer credit ratings on Fannie Mae and Freddie Mac to 'R' (regulatory supervision) from 'A-' and withdrew the ratings. We have also revised the CreditWatch listing of the 'BBB+' subordinated debt ratings on these entities to positive from negative. In addition, we lowered the preferred stock ratings to 'C' from 'BBB-' and removed the ratings from CreditWatch with negative implications. The subordinated debt and preferred stock ratings were originally placed on CreditWatch Aug. 26, 2008. These rating actions follow today's announcement...

Companies mentioned in this report are:
- Fannie Mae
- Freddie Mac

Action: Affirmed
Action: CreditWatch Update
Action: Downgraded

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.

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.

- Fannie Mae
- Freddie Mac

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