S&P Global Ratings Upgrades CFC to ‘A’; Outlook Stable

FOR IMMEDIATE RELEASE

October 23, 2026

Contacts:
Heesun Choi, Capital Markets Relations, 800-424-2954, Option 6
Brad Captain, Corporate Relations, 800-424-2954, Option 5

DULLES, Va.- National Rural Utilities Cooperative Finance Corporation (CFC) has announced that S&P Global Ratings (S&P) has upgraded its long-term issuer credit rating to "A" from "A-" with a Stable Outlook.

S&P also upgraded CFC's senior secured and senior unsecured debt ratings to "A" from "A-" and its subordinated debt rating to "BBB+" from "BBB."

In announcing the upgrade, S&P cited CFC's consistently strong credit performance, exceptional asset quality and prudent risk-management practices, including its low-risk loan portfolio and minimal credit losses.

"We are extremely pleased with S&P's decision to upgrade our credit rating. This recognition reflects the strength of the cooperative business model, our disciplined approach to risk management and the exceptional credit performance of our member-owned electric cooperatives," CFC Chief Executive Officer Andrew Don said. "The upgrade reinforces CFC's financial strength. Strong credit ratings give us dependable access to capital in all market conditions and at attractive pricing. We pass that value on to our members as reliable, cost-effective financing."

About CFC
Created and owned by America's electric cooperative network, the National Rural Utilities Cooperative Finance Corporation (CFC)-a nonprofit finance cooperative with approximately $40 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.