Standard&Poor's Ratings Services' ratings on Freddie Mac's senior and subordinated debt reflect the demonstrable financial support provided by the U.S. government, the active oversight and operating involvement by the Federal Housing Finance Agency (FHFA) as the regulator and the conservator, and the firm's key role in implementing government programs related to preventing foreclosures and stabilizing the housing sector. The stand-alone credit rating of 'R' reflects the conservatorship status. Freddie Mac, along with Fannie Mae and the FHFA, have emerged as the primary sources of mortgage finance in the U.S. housing market. The actions of the U.S. Treasury and the Federal Reserve, which have sought to inject capital and ensure a market for their debt obligations, have preserved Fannie
