In a conference call and a report entitled GSEs: Are the AAA' Ratings at Risk? Fitch Ratings analysts said that, at present, there are no threats to Fannie Mae's and Freddie Mac's triple-A senior debt ratings despite these agencies' accounting woes and the headline risk that currently surrounds them.

In the report, Fitch analysts stated that both GSEs "possess characteristics that minimize the probability of default and therefore warrant the assignment of very high credit ratings." These characteristics include limited credit and interest rate risk appetite, quality of systems used to measure and manage interest rate and credit risk and significant funding advantages. The senior debt ratings also assume U.S. government support in the event of severe financial stress, said Fitch.

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