Farm Credit System Banks Aug 08
Standard & Poors, August 2008
Abstract
Important role as a government-sponsored enterprise (GSE) lender to the U.S. agricultural/rural sector Consolidated debt issued as joint and several liability Dedicated $2.7 billion insurance fund Consistently strong profitability Conservative risk-adjusted capitalization and low funding costs Loan concentration to the agricultural sector Legislative risks reducing U.S. government support for agriculture The 'AAA/A-1+' ratings on the consolidated debt obligations issued by the Farm Credit System Banks (FCSB) reflect the benefits the System receives as a GSE, the joint and several liability on issued debt, the dedicated insurance fund providing further protection against default, and the combined strong overall financial profile of its banks and related associations, including their consistently strong profitability, conservative risk-adjusted capitalization, and low funding costs. Offsets to these...
Companies mentioned in this report are:
- Farm Credit System Banks
- CoBank ACB
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.
Research Type: Full Analysis
- Farm Credit System Banks
- CoBank ACB
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