NEW YORK (Standard&Poor's) July 8, 2013--Standard&Poor's Ratings Services revised its long-term rating on Iowa Finance Authority's (IFA's) series 1978A multifamily mortgage revenue bonds by three notches to 'AA' from 'A'. The outlook is stable. The rating reflects Standard&Poor's issuer credit rating (ICR) on the authority (AA), which is based on the authority's general obligation (GO) pledge. "The stable outlook reflects our view of IFA's low-risk equity base and high capital adequacy ratios. IFA's extremely low-risk assets provide stability, which we expect to remain a strength for IFA in all real estate markets," said Standard&Poor's credit analyst Ki Beom Park. "Should equity as a percentage of assets decline significantly, we could lower the
