Standard&Poor's Rating Services affirmed its 'AA' issuer credit rating (ICR) on Iowa Finance Authority (IFA). In addition, Standard&Poor's affirmed its 'AA' long-term rating on the authority's general obligation debt. The outlook on all ratings is stable. The rating is based on our opinion of the following strengths: The extremely high quality and very low-risk profile of the authority's asset base; Very consistent profitability ratios that are in line with other 'AA' rated housing finance agencies; Minimal GO debt exposure; and An active management team with strong legislative support. Offsetting these strengths, in our view, are the following: Declining equity over the last six years, which has reduced IFA's capital below comparable 'AA' rated housing finance agencies
