Moody's Investors Service ("Moody's") affirmed all of National Rural Utilities Cooperative Finance Corporation's (CFC) ratings. Ratings affirmed include CFC's senior secured collateral trust bonds and notes at A1, CFC's senior unsecured debt at A2, CFC's subordinate debt at A3, the shelf registrations for CFC's senior secured debt and senior unsecured debt at (P)A1 and (P)A2, respectively, and CFC's Prime-1 short-term rating for commercial paper. Additionally, Moody's affirmed the A2, VMIG-1, and P-1 ratings assigned to CFC guaranteed tax-exempt debt issued by municipal entities for the benefit of individual member electric cooperatives. CFC's rating outlook remains stable.

For a listing of affirmed securities and a written description of the rationale behind the ratings and ratings outlook, read the full Moody's Press Release (PDF).