NEW YORK (Standard&Poor's) Nov. 14, 2008--Freddie Mac today reported a sizable $25.3 billion loss in third-quarter 2008 primarily due to a noncash charge of $14.3 billion related to its establishment of a partial valuation allowance for its deferred tax-asset. Other sizeable charges in the quarter include $9.1 billion of security impairment charges taken on its nonagency mortgage-backed securities and sizeable credit-related expenses totaling $6 billion. This quarterly loss, although significant, will not at this time lead Standard&Poor's Ratings Services' to change its ratings on Freddie Mac's 'AAA/A-1+' senior debt, 'A' subordinated debt, or 'C' preferred stock, due to our assessment of Freddie Mac's current operation under a regulatory conservatorship. The establishment of the valuation allowance for
