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S&P Credit Research792 word report
published Aug 07, 2009
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S&P Credit Research
| 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
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Fannie Mae Ratings Unaffected By Reported $15 Billion Second-Quarter Loss Publication date: 07-Aug-2009 Primary Credit Analyst: Daniel E Teclaw, New York (1) 212-438-8716; daniel_teclaw@standardandpoors.com...
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| Report Type: | Bulletin
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| Ticker: | FNM
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| Issuer: | Fannie Mae
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| GICS: | Thrifts & Mortgage Finance (40102010)
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
Also from S&P Credit Research
- Summary: Fannie Mae $175.00
On May 8, 2009, Fannie Mae reported a sizable loss of $23.2 billion for first-quarter 2009 due largely to credit expenses of $20.9 billion and an incremental $5.7 billion of other-than-temporary impairment (OTTI) primarily on its private-label ...
- Summary: Fannie Mae $175.00
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- Bulletin: U.S. Treasury Expands Senior Preferred Stock Purchase Agreement With Fannie Mae And Freddie Mac; No Impact On Ratings $100.00
NEW YORK (Standard&Poor's) Feb. 20, 2009--The U.S. Treasury announced on Feb. 18, 2009, that it is expanding its senior preferred stock purchase agreement with government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac to $200 billion ...
- Bulletin: Fannie Mae Ratings Unaffected By Potential First Draw On U.S. Treasury Senior Preferred Stock $100.00
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- Fannie Mae $400.00
Critical public-policy role in the U.S. mortgage market U.S. Treasury oversight and support for debt and mortgage-backed securities (MBS) issues Geographic diversification and strong market position Mortgage credit losses will likely exceed ...
- Summary: Fannie Mae $175.00
Standard&Poor's Ratings Services' ratings on Fannie Mae reflect its public-policy role of providing liquidity and financing to the U.S. mortgage market, and the congressional charter that defines its business. Specifically, the senior unsecured ...
- Bulletin: Fannie Mae Reports $29 Billion Third-Quarter Loss; Ratings Unaffected $100.00
NEW YORK (Standard&Poor's) Nov. 10, 2008--Fannie Mae today reported a sizeable $29 billion loss in third-quarter 2008 due to its establishment of a $21.4 billion deferred tax-asset valuation allowance and a large $9.2 billion credit-loss provision. ...
- Fannie Mae Subordinated Debt Rating Raised To 'A', Off CreditWatch $100.00
NEW YORK (Standard&Poor's) Nov. 5, 2008--Standard&Poor's Ratings Services said today that it raised its subordinated debt rating on Fannie Mae to 'A' from 'BBB+' and removed the rating from CreditWatch Positive where it was placed Sept. 7, ...
