(FT Alphaville.ft.com) New York, August 22, 2008 — Moody’s Investors Service downgraded the preferred stock ratings of the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) to Baa3 from A1 and the Bank Financial Strength Ratings (BFSR) to D+ from B-.
The preferred stock ratings and BFSRs remain on review for possible further downgrade. Fannie Mae’s and Freddie Mac’s Aaa senior long-term debt and Prime-1 short-term debt ratings were affirmed with stable outlooks.The firms’ Aa2 subordinated debt ratings were affirmed, but the outlook was changed to negative from stable.
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