Fitch Affirms Farmer Mac Guaranteed Notes Trust 2007-1

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed the following class of Farmer Mac Guaranteed Notes Trust 2007-1 (Farmer Mac Trust 2007-1):

--$1,000,000,000 guaranteed notes at 'AA-sf'; Outlook Stable.

The Farmer Mac Trust is a structured vehicle secured by a pool of agricultural mortgages. The Trust receives payments from Metropolitan Life Insurance Company (MetLife) on the underlying funding agreement and passes the proceeds to the notes. The funding agreement is an obligation of MetLife ranking pari passu with claims from policy holders of MetLife. If MetLife is no longer able to make payments to the notes, the notes would rely upon payments from Farmer Mac. The note holders have ultimate recourse to the collateral in the event that neither MetLife nor Farmer Mac is able to make payments to note holders.

KEY RATING DRIVERS

The current rating on the Farmer Mac Trust is based solely on the Insurer Financial Strength (IFS) of MetLife to fulfill its obligations under its funding agreement. The rating of the guaranteed notes is in line with MetLife's IFS rating of 'AA-' with a Stable Outlook (last affirmed on Jan. 13, 2016 by Fitch).

RATING SENSITIVITIES

As the rating of the guaranteed notes is based solely on the IFS rating of MetLife, any change to MetLife's IFS rating would result in a subsequent rating action to the guaranteed note. The series 2007-1 notes were issued in April 2007 and will mature in April 2017. The rating on the guaranteed notes addresses the receipt of scheduled interest payments and principal, as defined in the transaction's governing documents.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Global Rating Criteria for Single- and Multi-Name Credit-Linked Notes (pub. 08 Mar 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=878513

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1000668

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1000668

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160309006225/en/

Fitch Ratings
Primary Surveillance Analyst
Shashi Srikantan
Director
+1-212-908-0393
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Committee Chairperson
Kevin Corrigan
Senior Director
+1-212-908-0156
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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