...S&P Global Ratings assigned its '###' long-term rating to the Iowa Finance Authority's (IFA) 2019 series A (non-AMT) and C (taxable) single-family mortgage bonds (mortgage-backed securities [MBS] program). At the same time, S&P Global Ratings affirmed its '###' long-term rating and '###/A-1+' rating on the authority's previously issued debt in its MBS program. 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 111.5% 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...
