Iowa Finance Authority; Single Family Multiple MBS

S&P Global Ratings assigned its 'AAA' rating to Iowa Finance Authority's (IFA) series 2017C single-family mortgage revenue bonds. At the same time, we assigned our 'AAA/A-1+' rating to the authority's series 2017D single-family mortgage revenue bonds. We also affirmed our 'AAA' rating and 'AAA/A-1+' rating on the authority's existing single-family mortgage revenue debt. The outlook on all ratings is stable. The 'AAA' long-term component of the rating on the 2017D bonds is based on the long-term rating on the bond indenture. The 'A-1+' short-term component of the rating on the 2017D bonds reflects an enhancement in the form of a standby-bond purchase agreement (SBPA) from Federal Home Loan Bank of Des Moines, and our opinion of the likelihood that bondholders

...S&P Global Ratings assigned its '###' rating to Iowa Finance Authority's (IFA) series 2017C single-family mortgage revenue bonds. At the same time, we assigned our '###/A-1+' rating to the authority's series 2017D single-family mortgage revenue bonds. We also affirmed our '###' rating and '###/A-1+' rating on the authority's existing single-family mortgage revenue debt. The outlook on all ratings is stable. The '###' long-term component of the rating on the 2017D bonds is based on the long-term rating on the bond indenture. The 'A-1+' short-term component of the rating on the 2017D bonds reflects an enhancement in the form of a standby-bond purchase agreement (SBPA) from Federal Home Loan Bank of Des Moines, 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 of the single-family mortgage collateral. The rating further reflects...

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