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S&P Credit Research1013 word report
published May 13, 2009
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$175.00 available for immediate download
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S&P Credit Research
| Abstract: | On May 12, 2009, Freddie Mac reported a net loss of $9.9 billion for first-quarter 2009, primarily caused by an $8.8 billion loan-loss provision and an incremental $7.1 billion of other-than-temporary impairment (OTTI) on its private-label mortgage-backed securities (MBS). These negatives were offset by $3.8 billion of net mark-to-market improvements in derivatives and spread tightening in its trading book of private-label MBS, as well as increased net interest income underpinned by lower funding costs in the current rate environment. This quarterly loss does not affect Standard&Poor's Ratings Services' 'AAA/A-1+' senior debt, 'A' subordinated debt, or 'C' preferred stock ratings on Freddie Mac, because Freddie Mac is operating under a regulatory conservatorship. The company's senior debt continues to benefit
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Freddie Mac Publication date: 13-May-2009 Primary Credit Analyst: Daniel E Teclaw, New York (1) 212-438-8716; daniel_teclaw@standardandpoors.com Secondary Credit Analysts: Vandana Sharma, New...
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| Report Type: | Summary
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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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