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S&P Credit Research762 word report
published Nov 10, 2008
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S&P Credit Research
| Abstract: | 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. This quarterly loss has no impact on Standard&Poor's Ratings Services' ratings on Fannie Mae's 'AAA/A-1+' senior debt, 'A' subordinated debt, or 'C' preferred stock, since Fannie Mae is operating under a regulatory conservatorship. The establishment of the valuation allowance for the deferred tax asset reflects the high degree of uncertainty surrounding Fannie Mae's earnings as it operates under conservatorship. We believe that Fannie Mae's business plan, while under conservatorship, will be geared primarily to fulfilling its public policy role of
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Fannie Mae Reports $29 Billion Third-Quarter Loss; Ratings Unaffected Publication date: 10-Nov-2008 Primary Credit Analysts: Victoria Wagner, New York (1) 212-438-7406; victoria_wagner@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: | Asset-Backed Securities, Commercial MBS, Financial Institutions, Global Issuers, Public Finance, Residential MBS, 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.
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