Fannie Mae Connecticut Avenue Securities Receive NAIC Designations for the 2017 Filing Year

Katie Penote
202-752-2261

WASHINGTON, DC – Fannie Mae today announced that Fannie Mae’s Connecticut Avenue Securities™ (CAS) transactions received designations from the National Association of Insurance Commissioners (NAIC). The first six CAS transactions in 2017 received Designations for the first time. NAIC Designations associated with the CAS 2017-C07 transaction are expected to be available in January 2018. 

The following CAS bonds received an NAIC Designation for the first time in the 2017 filing year. 

M1 Classes

M2 Classes

The following CAS bonds received NAIC Designation upgrades in the 2017 filing year.

*Note: All NAIC 1 Designations were upgraded from an NAIC 2 Designation.  The NAIC 2 Designation was upgraded from an NAIC 3 Designation.

For all NAIC Designations for the 2017 filing year, please view the NAIC Designations table on our website.

The NAIC’s Structured Securities Group (SSG) describes its Designations on its webpage. An NAIC 1 obligation should be eligible for the most favorable treatment provided under the NAIC Financial Conditions Framework, while an NAIC 2 obligation should be eligible for relatively favorable treatment under the NAIC Financial Conditions Framework.¹

The National Association of Insurance Commissioners 2017 Mortgage Reference Securities Report is not a substitute for or functional equivalent of the credit ratings of rating agencies and is not produced to permit investors to compare the likelihood of default or of full and timely payment between one or more securities.

About Connecticut Avenue Securities^™

CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool. For more information on individual CAS transactions and Fannie Mae’s approach to credit risk transfer, visit our credit risk sharing website.

¹ The NAIC's SSG is responsible for the day-to-day credit quality assessment and valuation of securities owned by state regulated insurance companies. The NAIC's Securities Valuation Office conducts credit analysis on these securities for the purpose of assigning an NAIC designation and/or unit price.