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Article: Fitch Downgrades 2 Farmer Mac Market Value CDOs.
- Article from:
- Business Wire
- Article date:
- October 8, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Fitch Ratings has downgraded the following Farmer Mac Guaranteed Notes Trust transactions listed below, effective immediately:
Series 2006-2
--$1,000,000,000 guaranteed notes to 'AA-' from 'AAA'.
Series 2007-1
--$1,000,000,000 guaranteed notes to 'AA-' from 'AAA'.
Farmer Mac Guaranteed Notes Trusts are structured vehicles secured by a pool of agricultural mortgages. The guaranteed notes are general obligations of Metropolitan Life Insurance Company (Met Life). Farmer Mac will then support the transactions if Met Life is no longer able to do so. If Farmer Mac should then fail to make payments on the notes, the ...