DBRS Upgrades Ratings on GSE Credit Risk Security

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

The transaction reviewed is a Connecticut Avenue Securities (Fannie Mae) transaction. The notes represent an unsecured general obligation of the Issuer (Fannie Mae) and is subject to the credit and principal payment risk of a certain reference pool (the Reference Pool) of residential mortgages held in various Fannie Mae 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.