Iowa Finance Authority; Single Family Multiple MBS

Standard&Poor's Ratings Services raised its 'AA+' and 'AA+/A-1+' ratings to 'AAA' and 'AAA/A-1+', respectively, on the Iowa Finance Authority's (IFA) single-family mortgage revenue bonds. At the same time, we assigned our 'AAA' long-term rating to the IFA's series 2016A and C single-family mortgage revenue bonds. The outlook is stable. Finally, Standard&Poor's assigned its 'AAA/A-1+' rating to the authority's series 2016B single-family mortgage revenue bonds. The 'AAA' long-term component of the rating on the 2016B bonds is based on the long-term rating on the bond indenture. The 'A-1+' short-term component of the rating on the 2016B bonds reflects an enhancement in the form of a standby-bond purchase agreement (SBPA) from Federal Home Loan Bank of Des Moines

...Standard & Poor's Ratings Services raised its '##+' and '##+/A-1+' ratings to '###' and '###/A-1+', respectively, on the Iowa Finance Authority's (IFA) single-family mortgage revenue bonds. At the same time, we assigned our '###' long-term rating to the IFA's series 2016A and C single-family mortgage revenue bonds. The outlook is stable. Finally, Standard & Poor's assigned its '###/A-1+' rating to the authority's series 2016B single-family mortgage revenue bonds. The '###' long-term component of the rating on the 2016B bonds is based on the long-term rating on the bond indenture. The 'A-1+' short-term component of the rating on the 2016B bonds reflects an enhancement in the form of a standby-bond purchase agreement (SBPA) from Federal Home Loan Bank of Des Moines (A-1+) and our opinion of the likelihood that bondholders will receive interest and principal payments when due if they exercise their put (or tender) option. The '###' rating reflects our view of the very strong credit quality...

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