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Bulletin: Ratings On Freddie Mac Debt Unchanged By Second Draw Under U.S. Treasury Senior Preferred Stock Purchase Agreement Jan 09
Standard & Poors, Jan 2009
Abstract
NEW YORK (Standard & Poor's) Jan. 27, 2009--On Jan. 23, 2009, Freddie Mac announced that it was seeking a second draw of around $30 billion to $35 billion under the U.S. Treasury's $100 billion senior preferred stock purchase agreement. This announcement will not have an impact on Standard & Poor's Ratings Services' current ratings on Freddie Mac's senior unsecured debt (AAA/Stable/A-1+), subordinated debt ('A'), and preferred stock ('C'). The current ratings reflect our view of both the respective levels of government support these securities continue to enjoy while Freddie Mac operates under conservatorship and its weakened financial profile. Freddie has announced only an estimated draw size since it doesn't report full-year results until Feb. 27, 2009. In the current volatile...
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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