On Feb. 23, 2006, Standard&Poor's Ratings Services said that its 'AA-' risk to the government, subordinated debt, and preferred stock ratings on Fannie Mae remain on CreditWatch Negative, where they were placed on Sept. 23, 2004. Standard&Poor's statement follows the announcement and publication by Fannie Mae that its Board of Directors and the company have received the internal review report on Fannie Mae conducted by former U.S. Senator Warren Rudman and the law firm of Paul, Weiss, Rifkin, Wharton&Garrison LLP (Rudman Report). The findings and conclusion of the Rudman Report are substantially consistent with matters previously disclosed by its primary regulator, the Office of Federal Housing Enterprise Oversight (OFHEO) in its special examination report
