Farmer Mac fears rule change over rating
Proposals forcing the unrated GSE to seek a rating would ‘damage’ its business
The Federal Agricultural Mortgage Corporation, also known as Farmer Mac, the largest unrated debt issuer in the United States, has said that new regulatory proposals may force it to seek a credit rating which, it says, would diminish its business prospects. Farmer Mac was founded in the 1980s to create a secondary market in agricultural loans.
Farmer Mac’s regulator, the Farm Credit Administration, proposed regulations in June that would establish a new ratings-based capital allocation applicable
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