Research Update: CoBank 'AA-' Rating Affirmed And U.S. AgBank Ratings Withdrawn Following Merger Jan 12
Standard & Poors, January 2012
Abstract
CoBank ACB formally closed its merger with U.S. AgBank FCB on Jan. 1, 2012. As a result, we affirmed our 'AA-' counterparty credit rating on CoBank and withdrew our 'AA-/A-1+' counterparty credit ratings on U.S. AgBank. The outlook on the rating on CoBank is stable. We also affirmed our 'A' rating on U.S. AgBank's $225 million preferred stock, which was transferred to CoBank. The stable outlook reflects our expectation that the merged bank will maintain its status as a government-sponsored enterprise and its conservative risk profile. On Jan. 19, 2012, Standard & Poor's Ratings Services affirmed its 'AA-' counterparty credit rating on CoBank ACB following the close of the company's merger with U.S. AgBank FCB. The outlook is stable. At...
Companies mentioned in this report are:
- CoBank ACB
- Farm Credit System Banks
- U.S. AgBank, FCB
Action: Affirmed
Action: Outlook: Stable
Action: Withdrawn
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- CoBank ACB
- Farm Credit System Banks
- U.S. AgBank, FCB
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