...S&P Global Ratings assigned its '###' long-term rating to the Iowa Finance Authority's (IFA) series 2018A and B single-family mortgage bonds. At the same time, we affirmed our '###' long-term rating and '###/A-1+' rating on the authority's existing single-family mortgage debt. The long-term rating reflects our opinion of the very strong credit quality of the single-family mortgage collateral. The outlook is stable. In addition, we withdrew our ratings on IFA's series 2017 E-1, E-2, and E-3 bonds because these convertible option bonds (COB) were not issued. The rating also reflects our opinion of: + The mortgage loan collateral's extremely strong financial performance and very strong credit quality; + The extremely strong equity to guard against potential loan losses + Sufficient revenue from mortgage payments to pay debt service and fees until maturity; and + The 130.7% adjusted asset-to-liability ratio of the resolution based on consolidated cash flows, which is sufficient, in our view,...
