Report title: Credit Update on Fannie Mae
from Fitch Research
1 page (719 word) report published Sep 19, 2008

Price $165.00 available for immediate download
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...On September #, ####, the Federal Housin g Finance Authority (FHFA) placed Fannie Mae (FNM) into conservators hip. Concurrently, the U.S. Treasury and FNM executed a senior preferred stock purchase agreem ent under which the Treasury committed to invest up to $###bn in FNM for an inde finite period to keep the company solvent. Following these actions, Fitch affirmed FNM s short and long-term Issuer Default Ratings (IDR) and senior and subordinated debt ratings. Fitch downgraded FNM s preferred stock rating to C/RR# from BBB- . Fitch s downgrade of FNM s preferred stock reflects the deep subordination of its preferred stock relative to the senior preferred stock held by the U.S. Treasury. Future dividends on FNM s preferred st ock will cease and are not expected to resume under the company s current struct ure. Recovery prospects depend on the level of loss absorption which will be driven by the amount of senior preferred stock injected into FNM during conservatorship....

Report Type: Credit Update
Company(ies): Fannie Mae
Ticker(s): FNM
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