Research Update: Iowa Finance Authority Series 2025C, 2025D Bonds Rated 'AAA'; Outlook Stable

S&P Global Ratings assigned its 'AAA' long-term rating to Iowa Finance Authority 's $60 million series 2025C nonalternative-minimum-tax social bonds and roughly $63.93 million series 2025D taxable single-family mortgage bonds (the mortgage-backed securities [MBS] program). At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating and 'AAA/A-1+' and ?AAA/A-1' dual ratings on the authority?s other applicable variable-rate series bonds under IFA?s 1991 single-family mortgage bond resolution. The outlook is stable. Bonds issued under the 1991 resolution are a general obligation (GO) of the authority, payable from revenue, assets, and money pledged under the master indenture on a parity basis with all other obligations outstanding under the master indenture. The authority?s GO pledge also secures the bonds. The short-term

...Legal framework Program management and operational risk No cap Cash-flow analysis Overcollateralization ### Stressed cash flows ### Hedging risk No cap Housing finance agency general obligation pledge ##+ Anchor Anchor ### Modifiers and holistic analysis Liquidity reserves No modifier Market position No modifier Holistic analysis No modifier Stand-alone credit profile Stand-alone credit profile ### Other applicable criteria ### Final Final rating ###...

Research Update