...TORONTO (S&P Global Ratings) June 22, 2018--S&P Global Ratings today said it corrected its ratings on Fannie Mae's $6.75 billion subordinated capital debentures, due Oct. 9, 2019, and on Freddie Mac's $7 billion subordinated capital debentures, due Nov. 29, 2019, by raising its ratings on both issues to '##' from '##-'. Our rating on senior debt issued by Fannie Mae or Freddie Mac is '##+'. Our records did not distinguish these non-deferrable subordinated debt securities, both issued in 1984, from deferrable subordinated debt securities borrowed in later years. As a result, our ratings on these two subordinated debt securities had incorrectly incorporated both a notch for subordination and a notch for deferability (under our methodology for rating hybrid issues). As we have now confirmed that these two subordinated securities are, in fact, non-deferrable, we are raising our ratings on both debentures to '##', because these ratings should properly incorporate only the one notch for subordination....
