NEW YORK (Standard&Poor's) Aug. 7, 2009--Standard&Poor's Ratings Services said today that its ratings on the Federal National Mortgage Association (Fannie Mae; 'AAA/Stable') remain unaffected by the company's large $14.8 billion loss reported for the second quarter of 2009--its eighth consecutive quarterly loss. The losses came about mostly as a result of an $18.2 billion provision for credit losses. Our ratings on Fannie Mae's senior debt ('AAA/A-1+'), subordinated debt ('A'), and preferred stock ('C') are also unaffected by the announcement, since Fannie Mae is operating under a regulatory conservatorship. The company's senior debt continues to benefit from the implicit support it receives from the U.S. government. We also consider that the government will almost certainly offer extraordinary
