Moody's Fannie Mae ratings unaffected

Moody's Investors Service said that the recently released report on Fannie Mae's accounting, governance and control issues led by former Senator Warren Rudman of Paul, Weiss Rifkind, Wharton & Garrison LLP does not reveal material new information on Fannie Mae and will not affect Moody's ratings on the U.S. government-sponsored enterprise.

On Dec. 15, Moody's confirmed Fannie Mae's Aa2 subordinated debt and Aa3 preferred stock ratings and affirmed its Aaa senior unsecured, Prime-1 short-term and B+ bank financial strength ratings, stating that negative rating actions could occur should the Paul, Weiss report reveal new issues affecting the firm's capital position or unexpected control or governance problems. Moody's said does not believe that any such material problems were contained in the report.

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