OREANDA-NEWS. Fitch Ratings has affirmed the following class of Farmer Mac Guaranteed Notes Trust 2007-1 (Farmer Mac Trust 2007-1):

--$1,000,000,000 guaranteed notes at 'AA-sf'; Outlook Stable.

The Farmer Mac Trust is a structured vehicle secured by a pool of agricultural mortgages. The Trust receives payments from Metropolitan Life Insurance Company (MetLife) on the underlying funding agreement and passes the proceeds to the notes. The funding agreement is an obligation of MetLife ranking pari passu with claims from policy holders of MetLife. If MetLife is no longer able to make payments to the notes, the notes would rely upon payments from Farmer Mac. The note holders have ultimate recourse to the collateral in the event that neither MetLife nor Farmer Mac is able to make payments to note holders.

KEY RATING DRIVERS

The current rating on the Farmer Mac Trust is based solely on the Insurer Financial Strength (IFS) of MetLife to fulfill its obligations under its funding agreement. The rating of the guaranteed notes is in line with MetLife's IFS rating of 'AA-' with a Stable Outlook (last affirmed on Jan. 13, 2016 by Fitch).

RATING SENSITIVITIES

As the rating of the guaranteed notes is based solely on the IFS rating of MetLife, any change to MetLife's IFS rating would result in a subsequent rating action to the guaranteed note. The series 2007-1 notes were issued in April 2007 and will mature in April 2017. The rating on the guaranteed notes addresses the receipt of scheduled interest payments and principal, as defined in the transaction's governing documents.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.