NEW YORK (Standard&Poor's) Jan. 27, 2009--On Jan. 26, 2009, Fannie Mae filed an 8-K Report with the SEC indicating that it anticipates making its first draw under the U.S. Treasury's $100 billion senior preferred stock purchase agreement. The Treasury entered into this agreement in September with Fannie Mae's regulator, the Federal Housing Finance Agency (FHFA), with the FHFA acting as Fannie Mae's conservator. This announcement will have no impact upon Standard&Poor's Ratings Services' current ratings on Fannie Mae's senior unsecured debt (AAA/Stable/A-1+), subordinated debt ('A'), and preferred stock ('C'). Fannie Mae has indicated that its preferred stock draw could be in the range of $11 billion to $16 billion--this amount is subject to material revision as
