Standard&Poor's Ratings Services revised its long-term rating on Iowa Finance Authority's (IFA's) series 1978A multifamily mortgage revenue bonds by three notches to 'AA' from 'A'. The outlook is stable. The rating reflects the issuer credit rating (ICR) on the authority (AA), which is based on the authority's general obligation (GO) pledge. The ICR reflects our view of: The asset base's extremely high credit quality and very low risk profile; The very strong profitability ratios over the past two years, which are in line with those of housing finance agencies (HFAs) rated 'AA+' or higher; The minimal GO debt exposure; and The active management team, which has strong legislative support. Offsetting these strengths, however, is our view of the
