S&P Global Ratings' issuer credit rating (ICR) on the Iowa Finance Authority (IFA) is 'AA+'. The outlook is stable. An ICR reflects the obligor's general creditworthiness, focusing on its capacity and willingness to meet financial commitments when they come due. It does not apply to any specific financial obligation because it does not consider the obligation's nature and provision, standing in bankruptcy or liquidation, statutory preferences, or legality and enforceability. IFA has demonstrated robust financial strength, an ability to implement strategic objectives, and stable, albeit-steadily declining net equity-to-assets levels since 2016. The authority continued its trend in asset-based growth in 2024 due to the continuation of using bond financing--approximately 95%--for single-family loan originations. In fiscal 2024, IFA continued its cadence
