August 11, 2020
DULLES, Va.— The National Rural Utilities Cooperative Finance Corporation (CFC) announced that its credit ratings remain stable despite the influence of the COVID-19 pandemic on the U.S. economy. “To date, the financial impact of the pandemic on the performance of the majority of our members has been manageable, based in part on the remarkable job electric cooperatives have done adjusting to the operating environment during these uncertain economic times,” said Sheldon Petersen, CEO, adding that the “overall quality of CFC’s loan portfolio remains strong.”
Loans outstanding totaled nearly $27 billion at May 31, 2020. In fiscal year 2020, CFC advanced $2.4 billion in long-term loans to its electric cooperative members. Loan advances together with scheduled repayments and loan sales resulted in a net increase of $785 million in loans outstanding since the end of fiscal year 2019.
“While the full economic impact of the pandemic on our nation’s rural communities is still uncertain, to date, we have not seen a material impact on our members’ revenue,” noted J. Andrew Don, Senior Vice President and CFO. Don further noted that outstanding line of credit balances decreased year-over-year, while member investments in CFC increased by $1 billion, demonstrating that “electric cooperatives continue to have ample access to cash and liquidity to meet near-term operating needs.”
CFC recently filed its Form 10-K with the U.S. Securities and Exchange Commission. The Form 10-K can be viewed on CFC’s website, www.nrucfc.coop, under the Investor Relations tab in the Financial Reporting section.
Created and owned by America’s electric cooperative network, the National Rural Utilities Cooperative Finance Corporation (CFC)—a nonprofit finance cooperative with nearly $28 billion in assets—provides unparalleled industry expertise, flexibility and responsiveness to serve the needs of our member-owners. CFC is an equal opportunity provider. Visit us online at www.nrucfc.coop.