S&P downgrades credit ratings for fed lenders, farm lenders
August 8, 2011 at 5:14 am in Grand Forks Herald
Standard & Poor’s Ratings Services today downgraded the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt.
The agency also lowered the ratings for: farm lenders; long-term U.S. government-backed debt issued by 32 banks and credit unions; and three major clearinghouses, which are used to execute trades of stocks, bonds and options. Continue Reading
Will that affect Alerus Financial also ? How about Frandsen Banks? Rumors abound about illegal drug money being laundeered through local banks by local used car dealer ! They might get a FFF+ rating !
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It would be pretty stupid if they downgraded this district of Farm Credit Services. The oil royalties will make them quite solid financially for quite awhile.
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