All major exporting countries of agricultural commodities have some form of credit guarantee program. As the importance of credit programs escalates, it is incumbent on policy makers to examine the value of their program relative to those of competitors. In this study, a model based on option pricing theory was developed to estimate the value of credit guarantees extended to importers and applied to U.S. and competing countries' programs. The Canadian guarantee has the lowest implicit value, followed by the U.S., Australian, and French guarantees. French guarantees had the highest implicit value due to higher coverage for interest and freight and insurance.