Fitch Assigns Rating Outlooks to Farmer Mac 2006-2 & 2007-1

Fitch Ratings has assigned Rating Outlooks to the following Farmer Mac Guaranteed Notes Trust transactions (Farmer Mac Trusts):

Series 2006-2

--$1,000,000,000 guaranteed notes 'AA'; Outlook Negative.

Series 2007-1

--$1,000,000,000 guaranteed notes 'AA'; Outlook Negative.

The Negative Outlook assigned to the Farmer Mac Trusts follows Fitch's assigning of a Negative Outlook to Metropolitan Life Insurance Company (MetLife; IFS rated 'AA' by Fitch) on Feb. 11. The ratings of the Farmer Mac Trusts notes are based on MetLife's ability to fulfill its obligations under its guaranty.

The Farmer Mac Trusts are structured vehicles secured by a pool of agricultural mortgages. The notes are general obligations of MetLife. If MetLife is no longer able to support the transaction, support would then fall to Farmer Mac. If Farmer Mac should then fail to make payments on the notes, the noteholders have ultimate recourse to the collateral.

The series 2006-2 notes were issued in July 2006 and will mature in July 2017. The series 2007-1 notes were issued in April 2007 and will mature in April 2017.

The ratings on the guaranteed notes address the timely receipt of scheduled interest payments and ultimate receipt of principal, as defined in the transaction's governing documents.

Additional transaction information and historical data are available on the Fitch Ratings web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.