NEW YORK CITY-Reflecting their direct reliance on the US government, Standard & Poor’s downgraded senior credit ratings on mortgage lender Fannie Mae and Freddie Mac after the global ratings agency walloped the financial community by lowering America’s long-term credit rating from AAA to AA+ late Friday. 

S&P has also lowered the ratings on 10 out of the 12 Federal Home Loan Banks and the senior debt issues by the FHLB system, as well as the senior debt issued by the Federal Farm Credit Banks, to AA+ from AAA. The outlooks for all 12 FHLBS, and the issue level ratings for Fannie Mae, Freddie Mac, the FHLB system and the Farm Credit System are all negative.

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