FOXNEWS Alert:
S&P just downgraded Freddie Mac and Fannie Mae.
And 10 of 12 Federal Home Loan Banks (FHLBs) and the senior debt issued by the FHLB System to ‘AA+’ from ‘AAA’. Have also lowered the ratings on the senior debt issued by the Federal Farm Credit Banks to ‘AA+’ from ‘AAA’. The ratings on the individual farm member banks are not affected.
Won’t that have a bigger impact than what they did on Friday?