NEW YORK (Standard&Poor's) Sept. 7, 2008--Standard&Poor's Ratings Services said today that it affirmed its long-term 'AAA' and short-term 'A-1+' senior unsecured debt ratings on Fannie Mae and Freddie Mac. The outlook is stable. At the same time, we lowered our risk-to-the-government standalone issuer credit ratings on Fannie Mae and Freddie Mac to 'R' (regulatory supervision) from 'A-' and withdrew the ratings. We have also revised the CreditWatch listing of the 'BBB+' subordinated debt ratings on these entities to positive from negative. In addition, we lowered the preferred stock ratings to 'C' from 'BBB-' and removed the ratings from CreditWatch with negative implications. The subordinated debt and preferred stock ratings were originally placed on CreditWatch Aug. 26,
