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Research Update: Fannie Mae Sep 04 Product Image

Research Update: Fannie Mae Sep 04

  • ID: 1930182
  • September 2004
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services' 'AA-' risk-to-the government rating, subordinated debt ratings, and preferred stock credit ratings on Fannie Mae are placed on CreditWatch Negative due to the accounting and internal control and regulatory capital adequacy issues raised in Office of Federal Housing Enterprise Oversight's (OFHEO) "Report of Findings To-Date," special examination report, and the uncertainty these findings present to the current and previously issued financial statements. The 'AAA/A-1+' senior unsecured debt ratings are affirmed. CreditWatch Negative means that the 'AA-' ratings will either be downgraded one notch or affirmed based on the final resolution of the SEC's informal inquiry, the conclusion and findings of the internal investigation currently taking place at Fannie Mae, the financial impact and outcome of...

Companies mentioned in this report are:
- Fannie Mae

Action: Affirmed
Action: On CreditWatch:Negative

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