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S&P Credit Research465 word report
published Jul 10, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) July 10, 2009—Standard&Poor's Ratings Services said today that it its rating on Freddie Mac (AAA/Stable/A-1+) is not affected by the company's announcement of a tender offer to buy back substantially all of its subordinated debt. We view the planned move by the company as favorable. We upgraded the subordinated debt to 'A' from 'BBB+' on Nov. 5, 2008, in recognition of the government's extraordinary support of these securities. Freddie Mac's decision to launch a tender offer for $4.4 billion supports the company's stated intention to lower its funding costs. Although it is unclear what percentage of the subordinated debt holders will participate in the offer, we believe that the company will benefit from
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Freddie Mac Tender Offer Will Not Affect Ratings Publication date: 10-Jul-2009 Primary Credit Analyst: Vandana Sharma, New York (1) 212-438-2250; vandana_sharma@standardandpoors.com Secondary...
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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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