NEW YORK (Standard&Poor's) Sept. 20, 2012--Standard&Poor's Ratings Services today assigned its 'AA-/A-1+' rating to Iowa Finance Authority's $12.8 million variable-rate demand midwestern disaster area revenue bonds series 2012 (for the Geneseo Communications Inc. project) due Sept. 1, 2043. The 'AA-/A-1+' rating reflects the higher of our rating on Great Western Bank (not rated), the fronting letter of credit (FLOC) provider, and U.S. Bank N.A. ('AA-/A-1+'), the confirming LOC (CLOC) provider. Under their respective LOCs, each bank fully supports repayment when the bonds are in the variable interest rate reset mode. Therefore, our rating applies only during this rate mode. If the bonds are converted to the fixed interest rate mode, we will likely withdraw our rating.
