As investors are increasingly interested in the creditworthiness of the government-sponsored enterprises, Moody's Investors Service is cautioning the buyside to remember that not all GSEs are created equal.

In a recently released report, the rating agency says that there are three main reasons for this growing interest in the agencies' credit histories. The first is the credit spread volatility that resulted from past GSE financial problems, particularly with Fannie Mae's asset quality problems in the early 1980s and the Farm Credit System's weak asset quality in the late 1980s and early 1990s.

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