NEW YORK (Standard&Poor's CreditWire) March 14, 2001—Standard&Poor's today assigned its double-'A'-minus rating to Federal Home Loan Mortgage Corp.'s (Freddie Mac's) $2 billion subordinated debt securities (SUBS) due March 2011. The rating on the SUBS also reflects Freddie Mac's strong earnings coverage of its obligations, the junior ranking of the SUBS, and the interest deferral feature of the SUBS. Under the terms of the SUBS, the SUBS will rank junior to all existing and future senior debt and existing subordinated debt. Interest payments on the SUBS will be deferred if Freddie Mac fails to meet certain capital requirements. While the likelihood of Freddie Mac's capital reaching a level to trigger the deferral of interest payments is remote,
