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Fitch affirms Farm Credit System

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Fitch affirms Farm Credit System

Fitch Ratings said April 13 that it has affirmed the AAAlong-term and F1+ short-term issuer default ratings of .

The outlook is stable.

Fitch also affirmed the AA- long-term and F1+ short-termissuer default ratings of AgFirstFarm Credit Bank, CoBank ACB, AgriBank FCB and Farm Credit Bank of Texas. The outlook is stable.

The ratings actions follow Fitch's affirmation of the U.S.Government's AAA issuer default rating and stable ratings outlook.

Fitch said that as a government-sponsored entity, FarmCredit System benefits from implicit government support. Therefore, the ratingsand outlook of Farm Credit System are directly linked to the U.S. Sovereignrating.

The affirmation of the system bank's ratings reflect theirprudent, conservative credit culture, their unique funding advantage, and theirstructural second-loss position on the majority of their loan portfolio. Thestable outlook on the system banks reflects Fitch's view that their ratings areat their support rating floor of AA- and therefore are not likely to bedowngraded unless Fitch changes its view of support.