S&P cuts Freddie Mac, Fannie Mae after U.S. downgrade

NEW YORK (Reuters) - Standard & Poor's cut Freddie Mac <FMCC.OB> and Fannie Mae's <FNMA.OB> long-term ratings one notch on Monday.

S&P said the downgrades from the top-notch Triple-A were due to its lowering of the U.S. sovereign credit rating late on Friday.

"The downgrades of Fannie Mae and Freddie Mac reflect their direct reliance on the U.S. government," the rating agency said.

(Reporting by Edith Honan; Editing by James Dalgleish)