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S&P Lowers Ratings for Fannie, Freddie and Federal Home Loan Banks

Posted on 8/9/2011

S&P yesterday also lowered, from AAA to AA+ with a negative outlook, its credit ratings for Fannie Mae, Freddie Mac, 10 of the 12 Federal Home Loan Banks, and the Farm Credit System. The downgrades of Fannie and Freddie reflect their direct reliance on the U.S. government, S&P said, while the other downgrades were attributed to the "very high likelihood of receiving support from the government if needed."

The company also lowered its ratings on 126 FDIC-guaranteed debt issues from 30 banks under the Temporary Liquidity Guarantee Program, as well as four NCUA-guaranteed debt issues under that agency's Temporary Corporate Credit Union Guarantee Program. In addition, S&P reaffirmed its top rating for short-term securities.

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