S&P Revises Freddie Mac Ratings Outlook

Credit rating agency Standard & Poor's said Tuesday it lowered its outlook on mortgage financier Freddie Mac's ratings on risk to the government, subordinated debt and preferred stock to negative from stable due to disappearing liquidity.

A negative outlook means there is about a one in three chance S&P will cut a credit rating in the next two years.

S&P also affirmed its investment-grade "AAA" rating on Freddie Mac's senior secured and senior unsecured debt.

"The negative outlook on the risk to the government rating, subordinated debt, and preferred stock ratings reflects the weaker earnings and the outlook for lower earnings in the near-to-intermediate term given the continued high degree of GAAP earnings volatility, primarily driven by accounting mark-to-market-standards," Victoria Wagner, Standard & Poor's credit analyst, said in a statement.

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