S&P Global Ratings long-term rating on the Iowa Finance Authority's (IFA) multifamily housing bond resolution is 'AA+.' Our dual rating on the 2007A bonds outstanding is 'AA+/A-1.' The outlook is stable. Bonds issued within the multifamily resolution are general obligations of IFA, payable from the revenues, assets, and money pledged under the master indenture on a parity basis with all other obligations outstanding under the master indenture. The bonds are also supported by IFA's general obligation (GO) pledge. The short-term component of the dual rating on the authority's applicable variable-rate series bonds reflects our short-term rating on Wells Fargo Bank N.A., which serves as the liquidity provider through a standby bond purchase agreement. The rating reflects our view of the
