70502--8/27/2007--NATIONAL_RURAL_UTILITIES_COOPERATIVE_FINANCE_CORP

related topics

{debt, indebtedness, cash}

{capital, credit, financial}

{tax, income, asset}

{condition, economic, financial}

{loan, real, estate}

{competitive, industry, competition}

The Company's ability to maintain and grow our business depends on access to external financing. Fluctuating interest rates could adversely affect our income, margin and cash flow. Competition from other lenders could impair the Company's financial results. We may not recover the value of amounts that we lend. Our ability to access the capital markets depends on our ability to maintain adjusted leverage and debt to equity ratios within a reasonable range of the current levels. A decline in our credit rating could trigger payments under our derivative agreements. Our ability to comply with covenants related to our revolving credit agreements and debt indentures may affect our ability to obtain financing and maintain preferred rating levels on our debt. Our concentration of loans to borrowers within rural electric and telephone industries could impair our revenues if either or both of those industries were to experience economic difficulties. We could jeopardize our federal tax exemption if we fail to conduct our business in accordance with our exemption from the Internal Revenue Service.

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70502--8/27/2007--NATIONAL_RURAL_UTILITIES_COOPERATIVE_FINANCE_CORP_/DC/