"We do not consider the downside risk to be significant enough to justify any rating actions at this time,'' the ratings company said in a statement yesterday in New York. Fannie and Freddie ``have shown a willingness to work with mortgage insurers when ratings fell below AA-.''
S&P also cited Radian Guaranty Inc. and Republic Mortgage Insurance Co. as companies who are unlikely to face rating action after the government put Fannie and Freddie under conservatorship. Radian's mortgage insurance credit ranking was lowered on Aug. 26 by S&P to BBB+, the third-lowest investment grade.