NEW YORK (Standard&Poor's) April 2, 2009--Standard&Poor's Ratings Services today raised its rating on Iowa Finance Authority's $5 million variable-rate demand industrial development revenue bonds (InterWest LC project) series 2001 due Nov. 1, 2016, to 'AAA/A-1' from 'A+/A-1'. Today's rating action follows InterWest LC's (the obligor) request that we apply our joint and several methodology to this issue. The rating on the series 2001 bonds is based on the joint and several credit and liquidity support provided by CoBank ACB ('AA-') and Bayerische Hypo- und Vereinsbank AG ('A/A-1') in the form of fronting and confirming letters of credit (LOC), respectively. These LOCs provide for the full and timely payment of interest, principal, and purchase price. If a
