Iowa Finance Authority Series 2023CD Single-Family Mortgage Bonds Rated ?AAA?; Outlook Is Stable

ENGLEWOOD (S&P Global Ratings) May 17, 2023--S&P Global Ratings assigned its 'AAA' long-term rating to the Iowa Finance Authority's (IFA) $130.8 million 2023 series C (non-AMT; social bonds) and series D taxable single-family mortgage bonds (mortgage-backed securities, or MBS, program). At the same time, we lowered the short-term component of our ratings on IFA's series 2019B and 2022H issues, supported by US Bank N.A., to 'A-1' from 'A-1+'. The downgrade follows S&P Global Ratings recently lowering its ratings on US Bank N.A. (See "U.S. Bancorp Downgraded To 'A' From 'A+' On Narrower Outperformance Versus Peers; Outlook Stable," published May 11, 2023, on RatingsDirect.) The long-term rating on the series 2019B and 2022H issues is 'AAA' and reflects the long-term rating

...May 17, 2023 ENGLEWOOD (S&P Global Ratings) May 17, 2023--S&P Global Ratings assigned its '###' long-term rating to the Iowa Finance Authority's (IFA) $130.8 million 2023 series C (non-AMT; social bonds) and series D taxable single-family mortgage bonds (mortgage-backed securities, or MBS, program). At the same time, we lowered the short-term component of our ratings on IFA's series 2019B and 2022H issues, supported by US Bank N.A., to 'A-1' from 'A-1+'. The downgrade follows S&P Global Ratings recently lowering its ratings on US Bank N.A. (See "U.S. Bancorp Downgraded To 'A' From 'A+' On Narrower Outperformance Versus Peers; Outlook Stable," published May 11, 2023, on RatingsDirect.) The long-term rating on the series 2019B and 2022H issues is '###' and reflects the long-term rating on IFA's 1991 single-family mortgage bond resolution (SFMBR). The short-term component of the rating reflects the rating on liquidity facility in the form of a standby bond purchase agreement provided by US...

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