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Bulletin: Fannie Mae Ratings Unaffected By Reported $15 Billion Second-Quarter Loss Aug 09
- Published: August 2009
- Standard & Poors
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
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- Fannie Mae