Summary: Farm Credit System Banks Dec 06

Standard & Poors, December 2006

Abstract
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 with a clearly defined public policy role, in addition to the combined strong overall financial profile of its banks and related associations. The five banks that make up the System centralize their debt issuance through the Jersey City-based Federal Farm Credit Banks Funding Corp. The debt is issued on a joint and several basis, and further protection is provided by the existence of a $2.2 billion insurance fund, which is administered by the Farm Credit System Insurance Corp. The insurance fund acts as a first line of defense in the case of payment problems at...

Companies mentioned in this report are:
- 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.

- Farm Credit System Banks

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