Summary: Freddie Mac Jan 12
Standard & Poors, January 2012
Abstract
Key participant in the housing-related activities of the U.S. government Strong market position in U.S. mortgage finance Continued explicit government support Ongoing credit losses in the single-family mortgage portfolio Poor earnings outlook despite low funding costs High leverage Limited political will to support the business model as part of the future of housing finance The negative outlook on Freddie Mac's debt issues reflects the negative outlook on the U.S. sovereign rating. We could lower the ratings on Freddie Mac if we lowered the rating on the U.S. sovereign, or if we viewed government support as waning. Freddie Mac's link to the government is a main rating factor. We do not envision any change in the support for the senior unsecured...
Companies mentioned in this report are: Freddie Mac,United States of America (Unsolicited Ratings)
Action: Review
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Freddie Mac,United States of America (Unsolicited Ratings)
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