-mistakenly identified by Bloomberg as AAA rating by Moody's, recently corrected to NR=not ratedThe press screws this up but the company is to blame? interesting.Assigning blame is not the point. If the market is operating on the mistaken assumption that the company is rated AAA by Moody's and that this is then rectified to show that the company is unrated (btw, this status sets it apart from its agency brethren: Fannie Mae, Freddie Mac, etc.), we might expect the company's borrowing cost to increase. Given the company's operating model, borrowing cost is one of the cornerstones of Farmer Mac's ability to generate profits.I have not been following the cost to Farmer Mac's latest bond issues, but if you are invested in the stock or are considering it, this is something you may want to follow up on.Longs would do well to neglect their 'ownership bias', stop focusing on purported efforts at price manipulation and focus on the facts of this company's position and ability to generate cash on a sustainable basis.Full disclosure: I have no position in this company, but am following it with great interest.
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