Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Iowa Finance Authority's (IFA) series B single-family mortgage refunding taxable placement bonds (mortgage-backed securities program). At the same time, Standard&Poor's affirmed its 'AA+/A-1+' and 'AA+' ratings on all other outstanding issues under the resolution. The outlook is stable. The 'AA+' rating reflects our view of: The extremely high quality of the assets supporting the bonds, consisting primarily of Ginnie Mae and Fannie Mae mortgage-backed securities (MBS) and reserves; The investment agreements with providers whose ratings are commensurate with the ratings on the bonds; and The cash flow strength. IFA is using the bond proceeds to finance the purchase of Ginnie Mae, Fannie Mae, and Freddie Mac MBS
