New Issue: Iowa Finance Authority (CJ Bio America Inc. Project) (Series 2021)

S&P Global Ratings assigned its 'AA/A-1+' rating to Iowa Finance Authority's Midwestern Disaster Area Economic Development Revenue Refunding Bonds (CJ Bio America Inc. Project) series 2021 due Dec. 1, 2041. The 'AA/A-1+' rating on the bonds reflects our view of the creditworthiness of the letter of credit (LOC) provider, which is based on the lower of our long- and short-term foreign-currency ratings on Korea Development Bank ('AA/A-1+'), the LOC provider's parent, and our long- and short-term ratings on the U.S. ('AA+/A-1+'), the jurisdiction where the LOC provider is located, during the weekly interest rate mode (the rated mode). For more information on bank branch ratings, see "Methodology Applied To Bank Branch-Supported Transactions," published Oct. 14, 2013. The 'AA' long-term component

...Closing date Dec. 2, 2021. Maturity date Dec. 1, 2041. Structure type Full-support, direct-pay LOC. Issuer Iowa Finance Authority. LOC provider Korea Development Bank, New York Branch (rating dependency)(i). Trustee BNY Mellon Corporate Trust. Remarketing agent BofA Securities. (i)S&P Global Ratings' credit rating on the bonds is linked to the the lower of our long- and short-term foreign currency ratings on Korea Development Bank, the LOC provider's parent, and our long- and short-term ratings on the U.S., the jurisdiction where the LOC provider, Korea Development Bank, New York Branch, is located. LOC--Letter of credit....

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