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Aug. 8, 2011 / 11:39 AM

S&P lowers Fannie Mae, Freddie Mac ratings

1 of 3 | This August 6, 2008 file photo shows the corporate logo for Freddie Mac seen outside its headquarters in McLean, Virginia. The mortgage giant was just downgraded by S&P. (UPI Photo/Kevin Dietsch) | License Photo

WASHINGTON, Aug. 8 (UPI) -- Standard & Poor's downgraded ratings on mortgage giants Fannie Mae and Freddie Mac Monday, saying the decision was tied to its U.S. credit rating downgrade.

"The downgrades of Fannie Mae [the Federal National Mortgage Association] and Freddie Mac [the Federal Home Loan Mortgage Corp.] reflect their direct reliance on the U.S. government. Fannie Mae and Freddie Mac were placed into conservatorship in September 2008 and their ability to fund operations relies heavily on the U.S. government," Standard & Poor's said in a statement posted on its Web site.

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In addition, S&P said it lowered its credit ratings and related issue ratings on 10 of 12 federal home loan banks and the senior debt issued by the FHLB system from triple-A to AA-plus. It also said it made the same downgrade for federal farm credit banks, but that the ratings change didn't affect individual farm member banks.

On Friday, Standard & Poor's downgraded the U.S. credit rating from triple-A to AA-plus, sending a negative ripple through markets worldwide.

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