NEW YORK (Standard&Poor's) Sept. 23, 2004--Standard&Poor's Ratings Services said today that it placed its 'AA-' risk-to-the government rating, subordinated debt ratings, and preferred stock credit ratings on Fannie Mae on CreditWatch Negative due to the accounting and internal control and regulatory capital adequacy issues raised in the Office of Federal Housing Enterprise Oversight's (OFHEO) "Report of Findings To-Date," special examination report, and the uncertainty these findings present to the current and previously issued financial statements. The 'AAA/A-1+' senior unsecured debt ratings are affirmed. CreditWatch Negative means that the 'AA-' ratings will either be downgraded one notch or affirmed based on the final resolution of the SEC's informal inquiry, the conclusion and findings of the internal investigation
