OVERVIEW Fannie Mae's Connecticut Avenue Securities Series 2014-C02 issuance is senior unsecured debt of Fannie Mae linked to fully amortizing, first-lien, fixed-rate residential mortgage loans secured by single-family residences, planned-unit developments, condominiums, cooperatives, and manufactured housing to prime borrowers. We assigned our preliminary ratings to the class 1M-1 and 2M-1 notes. The preliminary ratings reflect our view of the transaction's credit enhancement, credit quality of the collateral included in the reference pools, as well as the issuer?s credit rating on the issuer, its experience, and its vested interest in the deal's performance, among other factors. NEW YORK (Standard&Poor's) May 20, 2014--Standard&Poor's Ratings Services today assigned its preliminary ratings to Fannie Mae 's senior unsecured Connecticut Avenue
