NEW YORK (Standard&Poor's) July 11, 2013--Standard&Poor's Ratings Services today lowered its ratings on Iowa Finance Authority's $22,510,000 retirement community revenue bonds series 2003B and $8,780,000 variable rate demand revenue bonds series 2006 due Dec. 1, 2033 to 'A/A-1' from 'AA-/A-1+'. The 'A/A-1' ratings reflect our opinion of the credit and liquidity support that Bank of America N.A. provides in the form of an irrevocable direct-pay letter of credit (LOC). Under the LOC, Bank of America N.A. fully supports all bond payment obligations when the bonds are in the daily, weekly, and monthly interest rate modes. Therefore, our rating applies only during these rate modes. If the bonds are converted to another rate mode, we will likely
