S&P: Fannie Mae unchanged

Standard & Poor's said that Fannie Mae released its 2005 10-K, marking further progress on returning to a status of a current filer of financial statements.

This filing does not affect S&P's Ratings Services' current ratings on Fannie Mae (senior unsecured debt: AAA/stable/A-1+, risk to the government: AA-/negative/A-1+, subordinated debt: AA-/negative/A-1+, preferred stock: AA-/negative/A-1+).

Fannie Mae reported net income of $6.3 billion in 2005, 29% higher than in the previous year, the agency said, adding that although the rise of short-term interest rates and the flattened yield curve lowered Fannie Mae's net interest income by 36% from the prior year, the fair value losses on derivatives were 67% lower in 2005, which elevated earnings.

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