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Bulletin: Fannie Mae Reports $29 Billion Third-Quarter Loss; Ratings Unaffected Nov 08
Standard & Poors, Nov 2008
Abstract
NEW YORK (Standard & Poor's) Nov. 10, 2008--Fannie Mae today reported a sizeable $29 billion loss in third-quarter 2008 due to its establishment of a $21.4 billion deferred tax-asset valuation allowance and a large $9.2 billion credit-loss provision. This quarterly loss has no impact on Standard & Poor's Ratings Services' ratings on Fannie Mae's 'AAA/A-1+' senior debt, 'A' subordinated debt, or 'C' preferred stock, since Fannie Mae is operating under a regulatory conservatorship. The establishment of the valuation allowance for the deferred tax asset reflects the high degree of uncertainty surrounding Fannie Mae's earnings as it operates under conservatorship. We believe that Fannie Mae's business plan, while under conservatorship, will be geared primarily to fulfilling its public policy role of...
Companies mentioned in this report are: Fannie Mae
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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