NEW YORK (Standard&Poor's) Jan. 22, 2003--Standard&Poor's Ratings Services said today that it affirmed all of its ratings on Freddie Mac in light of the company's announcement that its financial statements and results for the years and quarterly periods in 2002, 2001, and possibly 2000 will be restated to reflect changes in accounting policies. Management indicated that the changes primarily involve the implementation and the application of FASB Statement No. 133, which governs the accounting for derivatives, financial instruments, and hedging transactions. The 'AAA/A-1+' unsecured senior debt ratings on Freddie Mac reflect the implied U.S. government support for the securities of this government-sponsored enterprise (GSE), as elaborated in its charter and governing legislation. The 'AA-' subordinated debt,
