Summary: AgFirst Farm Credit Bank Aug 11

Standard & Poors, August 2011

Abstract
Standard & Poor's Ratings Services' ratings on AgFirst Farm Credit Bank reflect our view of the extent of forthcoming extraordinary support that we believe the government would give AgFirst as a member of the Farm Credit System Banks (FCS). Ratings also reflect the company's adequate earnings, sufficient capitalization, and prudent risk-management practices. Credit quality has weakened during the past couple of years, and remains fragile, reflecting lower real estate prices and weak general economic conditions. On Aug. 5, 2011, we applied our government-related entity (GRE) criteria and lowered our rating of the FCS debt, AgFirst's funding vehicle, by one notch to 'AA+' to match the U.S. sovereign rating. Under our GRE criteria, the FCS has a very high likelihood of...

Companies mentioned in this report are:
- AgFirst Farm Credit Bank
- Farm Credit System Banks

Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- AgFirst Farm Credit Bank
- Farm Credit System Banks

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