This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Robust capital ratios Highly concentrated geographic footprint Stable access to low-cost matched funding through Farm Credit Bank of Texas Concentrated exposure to agricultural sector History of stable profitability Limited scale compared with peers AgTexas Farm Credit Services (AgTexas), an agricultural lender operating within the Farm Credit Bank of Texas (FCBT) district, has a history of stable operating performance. We expect the association's record of strong capital ratios and stable earnings, low credit losses, and access to low-cost FCBT funding to continue over the next two years. AgTexas has concentrated loan exposures to the
