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Bulletin: Freddie Mac Reports Sizable $25.3 Billion Third-Quarter Loss From Deferred Tax-Asset Allowance Nov 08
Standard & Poors, Nov 2008
Abstract
NEW YORK (Standard & Poor's) Nov. 14, 2008--Freddie Mac today reported a sizable $25.3 billion loss in third-quarter 2008 primarily due to a noncash charge of $14.3 billion related to its establishment of a partial valuation allowance for its deferred tax-asset. Other sizeable charges in the quarter include $9.1 billion of security impairment charges taken on its nonagency mortgage-backed securities and sizeable credit-related expenses totaling $6 billion. This quarterly loss, although significant, will not at this time lead Standard & Poor's Ratings Services' to change its ratings on Freddie Mac's 'AAA/A-1+' senior debt, 'A' subordinated debt, or 'C' preferred stock, due to our assessment of Freddie Mac's current operation under a regulatory conservatorship. The establishment of the valuation allowance for...
Companies mentioned in this report are: Freddie Mac
Action: Bulletin
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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