Fitch Affirms and Withdraws Several Federal Home Loan Bank's 'AAA' Rating and Support Floors

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed and withdrawn the 'AAA' long-term Issuer Default Rating (IDR) and Support Floors and for the Federal Home Loan Banks (FHLBs) of Boston, San Francisco, and Seattle. Fitch has withdrawn the ratings of the noted banks as they are no longer considered by Fitch to be relevant to the agency's coverage.

As government sponsored entities (GSEs), the IDRs of the FHLBs are linked to the U.S. Sovereign rating. This is articulated in Fitch's report 'Rating Linkages to the U.S. Sovereign Rating' dated July 18, 2011. The FHLBs have historically benefited from their affiliation with the U.S. government, and their current IDRs and Rating Outlook benefit from the implicit support that they receive.

The FHLBs' respective Viability Ratings have also been affirmed and withdrawn at this time.

The following ratings have been affirmed and withdrawn:

Federal Home Loan Bank of Seattle

--Long-term IDR 'AAA';

--Short-term IDR 'F1+';

--Viability Rating 'bbb-'

--Support '1';

--Support Rating Floor 'AAA'.

Federal Home Loan Bank of Boston

--Long-term IDR 'AAA';

--Short-term IDR 'F1+';

--Viability Rating 'bbb+'

--Support '1';

--Support Rating Floor 'AAA'.

Federal Home Loan Bank of San Francisco

--Long-term IDR 'AAA';

--Short-term IDR 'F1+';

--Viability Rating 'a-'

--Support '1';

--Support Rating Floor 'AAA'

Additional information is available at 'www.fitchratings.com'. The ratings above were unsolicited and have been provided by Fitch as a service to investors.

Applicable Criteria and Related Research:

--'Global Financial Institutions Rating Criteria' (Aug. 15, 2012);

--'Rating Linkages to the U.S. Sovereign Rating' (July 18, 2011);

--'Ratings Criteria for Banking Structures Backed by Mutual Support Mechanisms (April 11, 2012).

Applicable Criteria and Related Research:

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686181

Rating Criteria for Banking Structures Backed by Mutual Support Mechanisms

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=666999

Rating Linkages to the U.S. Sovereign Rating

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646469

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