NEW YORK (S&P Global Ratings) Aug. 19, 2021--S&P Global Ratings affirmed its AA-/A-1+ ratings on Iowa Finance Authority's variable-rate demand Midwestern Disaster Area revenue bonds series 2011 for Chrisbro III Inc. project. This rating action reflects our assessment of the replacement of the fronting letter of credit (FLOC) provided by Great Western Bank with new FLOC provided by Farmers State Bank, effective Aug. 19, 2021. The rating reflects the higher of our rating on Farmers State Bank (not rated), the FLOC provider, and U.S. Bank N.A. ('AA-/A-1+'), the confirming LOC (CLOC) provider (collectively, the LOC providers). Under their respective LOCs, each bank fully supports repayment when the bonds are in the variable interest rate reset mode (the variable-rate mode). Therefore,
