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Bulletin No.: 2011-20
August 8, 2011

TO: STOCKHOLDERS

SUBJECT: Standard & Poor’s Credit Rating

On Monday, Standard & Poor’s Ratings Services (S&P) lowered its long-term issuer credit ratings for the Federal Home Loan Bank System and its credit ratings on 10 of the 12 Federal Home Loan Banks that were previously rated ‘AAA,’ to ‘AA+.’ The downgrade reflects the action S&P took on August 5, 2011, to downgrade the sovereign credit rating of the United States.

The Federal Home Loan Bank of Dallas (Bank) retains its AAA long-term debt rating from Moody’s Investors Service. In Moody’s July opinion, the ratings agency said the Bank’s long-term debt rating reflects the Bank’s stand-alone financial strength and the Bank’s stable and good risk-adjusted profitability.

For additional information, please contact your Member Sales Officer at 800.442.9841.

Sincerely,

Terry Smith
President and Chief Executive Officer

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