NY -- Standard&Poor's CreditWire 1/28/98 -- Standard&Poor's today assigned preliminary ratings to Fannie Mae Multifamily REMIC Trust 1998-M1 (see list). The preliminary ratings are based on information as of Jan. 28, 1998. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings are as follows: ClassPreliminary rating BBBB- CBB DBB- EB FB- The preliminary ratings reflect the credit support to be provided by the subordinate classes of certificates, the liquidity to be provided by the servicer and the trustee, the economics of the underlying mortgage loans, and the geographic diversity of the collateral. Standard&Poor's analysis of the portfolio determined that on a weighted-average basis, the