S&P Global Ratings affirmed its 'AA+' issuer credit rating (ICR) on Iowa Finance Authority (IFA). At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating on the authority's multifamily housing bond resolution debt and its 'AA+/A-1' dual rating on debt outstanding under the resolution. The outlook is stable. The ICR reflects our opinion of the authority's: Increasing equity position, with its net position reaching approximately $363 million in fiscal 2021, indicating sufficient resources to sustain operations through economic downturns and uncertainties; Strong asset quality, with a high-quality and low-risk asset base consisting primarily of 'AA+' rated mortgage-backed securities (MBS), coupled with extremely low rates of whole loan delinquencies; Very strong profitability metrics, as demonstrated by a five-year average
