Summary: Farm Credit System Banks Aug 11
Standard & Poors, August 2011
Abstract
Standard & Poor's Ratings Services' 'AA+' rating on the Farm Credit System (FCS or the System) reflects the System's status as a GSE, its important role as a liquidity provider to the U.S. agricultural sector, its diverse global investor base that enables ample liquidity at low funding costs across maturities, and its excellent aggregate asset quality in its (primarily) wholesale lending portfolio. Stand-alone credit profiles (SACP) of individual banks reflect their excellent loan quality and funding/liquidity benefits that accrue to them as members of the System. The individual bank rating strengths are offset by adequate risk-adjusted profitability by virtue of the System's cooperative membership structure and the banks' lending authority that limits them to the cyclical agricultural sector. There is...
Companies mentioned in this report are:
- Farm Credit System Banks
- CoBank ACB
- AgFirst Farm Credit Bank
- U.S. AgBank, FCB
- Agribank FCB
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
- CoBank ACB
- AgFirst Farm Credit Bank
- U.S. AgBank, FCB
- Agribank FCB
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