The rating assigned to Iowa Finance Authority's (the issuer's) variable-rate demand series 2011 (for the Chrisbro III Inc. project) reflects the higher of our rating on Great Western Bank (not rated), the fronting letter of credit (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, our rating applies only during this rate mode. If the bonds are converted to the fixed interest rate mode, we will likely withdraw our rating (see the Structural Analysis section for more information). The 'AA-' long-term component of our rating is based on the
