The 'A/A-1' rating assigned to Iowa Finance Authority's (the issuer's) Midwestern disaster area economic development revenue bonds series 2012 (for the CJ Bio America Inc. project) reflects our opinion of the credit and liquidity support that Korea Development Bank ('A/A-1') provides in the form of an irrevocable direct-pay letter of credit (LOC). Under the LOC, Korea Development Bank fully supports all bond payment obligations when the bonds are in the weekly interest rate reset mode. Therefore, our rating applies only during this rate mode. If the bonds are converted to another rate mode, we will likely withdraw our rating (see the Structural Analysis section for more information). The 'A' long-term component of our rating is based on our long-term issuer
