Summary: AgFirst Farm Credit Bank Aug 11
- ID: 2091179
- August 2011
- Standard & Poors
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
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