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Standard & Poor’s has Downgraded the Long-Term Debt Rating of the Farm Credit System

NEW YORK – On August 8, 2011, Standard & Poor’s Ratings Services lowered the longterm debt rating for the Farm Credit System to AA+ from AAA; the A-1+ short-term rating was affirmed by Standard & Poor’s. The outlook on the long-term debt rating was revised to negative. The issuer credit ratings on the four Farm Credit Banks that Standard & Poor’s rates are unaffected.

This action reflects Standard & Poor’s downgrade of the long-term sovereign credit rating on the United States to AA+ from AAA, which action was taken on August 5, 2011. Standard & Poor’s affirmed the A-1+ short-term rating of the U.S. The outlook on the longterm rating is negative. The downgrade of the long-term debt issued by the System reflects the one-notch reduction in the U.S. sovereign credit rating.

About the Farm Credit System
The Farm Credit System is a federally chartered network of borrower-owned lending institutions and related service organizations. The System specializes in providing financing and related services to borrowers in the agricultural and rural sectors through the five Banks and 84 affiliated Associations. Unlike commercial banks, the Banks are not legally authorized to accept deposits and they principally obtain their funds through the issuance of Systemwide Debt Securities.

Additional Information
Copies of this press release, as well as other financial information regarding the System, including its annual and quarterly information statements, are available on the Federal Farm Credit Banks Funding Corporation’s website at www.farmcredit-ffcb.com. Additional information regarding the Farm Credit System is available on the System’s website at www.farmcredit.com.

For further information and copies of annual and quarterly information statements, contact:

Daniel M. Bienz, Vice President
Financial Analysis and Disclosure
Federal Farm Credit Banks Funding Corporation
10 Exchange Place, Suite 1401
Jersey City, NJ 07302
(201) 200-8070
DBienz@farmcredit-ffcb.com

Forward-Looking Statements
Any forward-looking statements in this press release are based on current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from expectations due to a number of risks and uncertainties. More information about these risks and uncertainties is contained in the System’s annual and quarterly information statements. The System undertakes no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.