Fitch Ratings, citing "strong U.S. government support," Wednesday affirmed its long-term issuer default ratings on Fannie Mae and Freddie Mac at 'AAA.'
Although their senior unsecured debt is rated 'AAA,' their subordinated debt is considered 'AA-.'
To date, the U.S. Treasury has pumped $63.1 billion of cash into Freddie, and $85.1 billion into Fannie, to keep their net worth positions in the black.
Fitch notes that the GSEs "continue to play a pivotal role in the federal government's plan to support the housing market," noting that through the first nine months of the year, Fannie and Freddie ranked first and second, respectively, in issuance of mortgage-backed securities.
In late January the White House will release its blueprint for revising their operations as they relate to housing finance.
