NEW YORK (Standard&Poor's) June 9, 2003--Standard&Poor's Ratings Services said today that it affirmed all of its ratings on Freddie Mac after the company's announcement that it is replacing several key executive senior managers. In and of itself, the management change is not a material rating factor given the experience of the newly appointed executives. During this period of operating without GAAP-audited financial statements, Standard&Poor's has been relying on Freddie Mac's regulatory accounting filings with OFHEO and the public statement made by OFHEO that Freddie Mac's key safety and soundness measures, including capital and asset quality, remain strong. The affirmation also reflects the fact that no new accounting issues have surfaced in the midst of
