DBRS Upgrades Ratings on GSE Credit Risk Securities

DBRS, Inc. (DBRS) has today reviewed 11 classes from three government-sponsored enterprise credit risk sharing transactions and has upgraded their ratings as indicated in the table below.

The transactions reviewed include two Connecticut Avenue Securities (Fannie Mae) transactions and one Structured Agency Credit Risk (Freddie Mac) transaction. The notes represent unsecured general obligations of the Issuers (Fannie Mae and Freddie Mac, respectively) and are subject to the credit and principal payment risk of a certain reference pool (the Reference Pool) of residential mortgages held in various Fannie Mae or Freddie Mac mortgage-backed securities.

The rating upgrades reflect positive performance trends and that these classes have experienced increases in credit support sufficient to withstand stresses at their new rating level.

Notes:
The applicable methodologies are U.S. RMBS Surveillance Methodology and RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology, which can be found on our website under Methodologies.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.