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Standard & Poor’s lowered credit ratings on debt issued by U.S.-backed lenders including mortgage giants Fannie Mae and Freddie Mac, citing its own Aug. 5 downgrade of the federal government’s AAA status.
Fannie Mae and Freddie Mac, which own or guarantee more than half of the almost $11 trillion in outstanding U.S. mortgage debt, were lowered one step from AAA to AA+, S&P said in a statement today. The downgrade reflects their “direct reliance on the U.S. government,” the ratings firm said.