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S&P Credit Research693 word report
published Nov 14, 2008
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Nov. 14, 2008--Freddie Mac today reported a sizable $25.3 billion loss in third-quarter 2008 primarily due to a noncash charge of $14.3 billion related to its establishment of a partial valuation allowance for its deferred tax-asset. Other sizeable charges in the quarter include $9.1 billion of security impairment charges taken on its nonagency mortgage-backed securities and sizeable credit-related expenses totaling $6 billion. This quarterly loss, although significant, will not at this time lead Standard&Poor's Ratings Services' to change its ratings on Freddie Mac's 'AAA/A-1+' senior debt, 'A' subordinated debt, or 'C' preferred stock, due to our assessment of Freddie Mac's current operation under a regulatory conservatorship. The establishment of the valuation allowance for
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Freddie Mac Reports Sizable $25.3 Billion Third-Quarter Loss From Deferred Tax-Asset Allowance Publication date: 14-Nov-2008 Primary Credit Analysts: Victoria Wagner, New York (1) 212-438-7406;...
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| Report Type: | Bulletin
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| Ticker: | FRE
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| Issuer: | Freddie Mac
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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.
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