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S&P Credit Research963 word report
published Nov 05, 2008
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S&P Credit Research
| Abstract: | 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, 2008. The 'A' subordinated debt rating reflects our view of both the explicit support these securities receive from the 'AAA' rated U.S. government, and Fannie Mae's weakened financial profile. Fannie Mae's primary regulator, the Federal Housing Finance Agency (FHFA), in its capacity as conservator, has effectively suspended the interest-deferral provision of Fannie Mae's subordinated debt, which we believe will permit the timely payment of principal and interest on its subordinated debt while the company operates under conservatorship. This explicit
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| Brief Excerpt: | RESEARCH Ratings Definitions Fannie Mae Subordinated Debt Rating Raised To 'A', Off CreditWatch Publication date: 05-Nov-2008 Primary Credit Analyst: Victoria Wagner, New York (1) 212-438-7406; victoria_wagner@standardandpoors.com...
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| Report Type: | Ratings Action
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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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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 ...
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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. ...
