...S&P Global Ratings assigned its '###' long-term rating to the Iowa Finance Authority's (IFA) series 2018C, D, and E single-family mortgage bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating and '###/A-1+' rating on the authority's previously issued 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. 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, which provides protection against potential loan losses; + Sufficient revenue from mortgage payments to pay debt service and fees until maturity; and + The 118.6% adjusted asset-to-liability ratio of the resolution based on consolidated cash flows, which is sufficient, in our view, to cover potential losses in the resolution--we base this on our analysis of necessary loss coverage...
