Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' ratings on the senior long- and short-term debt of Fannie Mae, Freddie Mac, the consolidated obligations of the Federal Home Loan Bank System, and the consolidated obligations of the Farm Credit System Banks; as well as the 'AA-' ratings on the subordinated debt and preferred stock of Fannie Mae and Freddie Mac, and the 'AA-' risk to the government ratings on these two government-sponsored enterprises (GSEs). It also assigned stable outlooks to the long-term senior debt of all of these entities, and stable outlooks on the subordinated debt and preferred stock of Fannie Mae and Freddie Mac. The 'AAA/A-1+' senior debt ratings now and going forward incorporate a larger emphasis on the
