Research Update: Fannie Mae Ratings Affirmed, Removed From CreditWatch May 08
Standard & Poors, May 2008
Abstract
On May 19, 2008, Standard & Poor's Ratings Services affirmed its 'AAA/A-1+' senior unsecured debt rating and its 'AA-' subordinated debt and preferred stock ratings on Fannie Mae. At the same time, we lowered our risk-to-the-government rating on Fannie Mae to 'A+' from 'AA-'. The preferred stock, subordinated debt, and risk-to-the-government ratings were removed from CreditWatch Negative where they were placed on May 6, 2008. The outlook on all ratings except the senior unsecured debt rating is negative. The outlook on the senior unsecured debt rating is stable. The lower risk-to-the-government rating reflects Fannie Mae's weak earnings and pressured capital ratios, which are outside the tolerance for a 'AA-' rating. Fannie Mae has posted three consecutive quarterly losses, ending with...
Companies mentioned in this report are:
- Fannie Mae
Action: Affirmed
Action: Outlook: Negative
Action: Removed From CreditWatch
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
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