In Honor of Fitch Ratings....

They lowered Fannie and Freddie's Preferred ratings to "BBB-", the lowest investment grade, today.

I have a new rating system for 'em.

See if you can figure it out; this is the official Market Ticker debt rating for these various classes of security.....

Fannie and Freddie's Senior Debt Rating:

Fannie and Freddie's Subordinated Debt:

Fannie and Freddie's Preferred Stock:

And finally, my answer to the Chinese and Japanese Central Banks that think they can twist our arms to "make them whole" for buying debt securities that are clearly marked on the face of each prospectus as being NOT guaranteed by the government:

Any questions?

PS: Hattip to TMD on the forum for the inspiration. Love it.