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.
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"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)