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Abstract

We applied the migration approach to credit scoring measurement to determine how ratings, focused on farm characteristics such as farm size, age, and farm business type, change across business cycles. The empirical results from analyzing migration matrices using data from FBFM suggest that old, large and grain farms are more likely to upgrade their classes, while young, small, livestock farms are likely to downgrade. The migration matrices for each characteristic across the business cycles show that all farm businesses (except small, livestock farms) have a tendency to deteriorate during the recession cycles regardless of their characteristics.

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