Fitch downgrades Fannie Mae

NEW YORK, Sept. 29 (UPI) -- Fitch Ratings in New York Wednesday downgraded the subordinated debt and preferred stock ratings for Fannie Mae to AA minus from AA.

Fitch said the rating outlook is stable.

Fitch has also affirmed Fannie Mae's AAA long-term senior debt rating and F1 plus short-term rating.

Approximately $17 billion in preferred stock and subordinated debt are affected by the action.

Fitch affirmed the short and long-term ratings of senior debt. The Stable Rating Outlook includes the potential for a restatement as well as some management changes.