Fannie, Freddie Get AA- ‘Risk-to-Government’ Ratings: Is it Good or Bad News for Investors? Following up on their pledge to obtain a “risk-to-the-government” rating on their operations, Fannie Mae and Freddie Mac both announced this week that they had received an AA- rating from Standard & Poor’s. While the assignment of a double-A-minus risk to the two government-sponsored enterprises came as no surprise given that S&P had previously assigned the same ratings, this