On Aug. 8, 2011, Standard & Poor's Ratings Services lowered the long-term 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 long-term 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.