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Bulletin: Fannie Mae Ratings Unaffected By Reported $15 Billion Second-Quarter Loss Aug 09
Standard & Poors, Aug 2009
Abstract
NEW YORK (Standard & Poor's) Aug. 7, 2009--Standard & Poor's Ratings Services said today that its ratings on the Federal National Mortgage Association (Fannie Mae; 'AAA/Stable') remain unaffected by the company's large $14.8 billion loss reported for the second quarter of 2009--its eighth consecutive quarterly loss. The losses came about mostly as a result of an $18.2 billion provision for credit losses. Our ratings on Fannie Mae's senior debt ('AAA/A-1+'), subordinated debt ('A'), and preferred stock ('C') are also unaffected by the announcement, since Fannie Mae is operating under a regulatory conservatorship. The company's senior debt continues to benefit from the implicit support it receives from the U.S. government. We also consider that the government will almost certainly offer extraordinary...
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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