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S&P Credit Research861 word report
published May 06, 2008
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) May 6, 2008--Standard&Poor's Ratings Services said today that it affirmed its 'AAA/Stable/A-1+' senior unsecured debt rating on Freddie Mac and placed its 'AA-' risk to the government, subordinated debt, and preferred stock ratings on Freddie Mac on CreditWatch Negative. "The action was a result of expected lower earnings for 2008 and 2009 and quarterly earnings volatility that is reaching beyond the tolerance for the 'AA-' rating. The weak residential mortgage cycle has now lasted much longer than originally anticipated, pushing the expectation for credit-related expenses higher," said Standard&Poor's credit analyst Victoria Wagner. Freddie Mac's lower core earnings performance, driven primarily by rising credit-related expenses, will continue to pressure capital measures. Credit-related
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| Brief Excerpt: | RESEARCH Ratings Definitions Freddie Mac '##-' Senior Unsecured Debt Rating Affirmed; Other Ratings On CreditWatch Negative Publication date: 06-May-2008 Primary Credit Analyst: Victoria Wagner, New York (1) 212-438-7406; victoria_wagner@standardandpoor...
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| Report Type: | Ratings Action
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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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