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S&P cuts Freddie Mac, Fannie Mae after U.S. downgrade
A sign in front of the Fannie Mae headquarters is photographed in Washington February 11, 2011.
Credit: Reuters/Molly Riley
NEW YORK |
NEW YORK (Reuters) - Standard & Poor's cut Freddie Mac (FMCC.OB) and Fannie Mae's (FNMA.OB) long-term ratings one notch on Monday.
S&P said the downgrades from the top-notch Triple-A were due to its lowering of the U.S. sovereign credit rating late on Friday.
"The downgrades of Fannie Mae and Freddie Mac reflect their direct reliance on the U.S. government," the rating agency said.
(Reporting by Edith Honan; Editing by James Dalgleish)
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Comments (3)
plubber wrote:
Whats with S&P? They’re going ballistic on the downgrades. Itchy…
Intriped wrote:
Great news, should have happened long ago.
bobw111 wrote:
Definitely a late move by S&P. Fannie and Freddie should have been given much lower ratings long ago.
Looks like Frank & Dodd have lost their ability to mesmerize the financial industry with the congressional feces.
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