Standard&Poor's Ratings Services has affirmed its 'AA' issuer credit rating on Iowa Finance Authority (IFA). At the same time, Standard&Poor's affirmed its 'AA' and 'AA/A-1+' ratings on the authority's outstanding general obligation (GO) and variable-rate debt. The outlook is stable. The ratings reflect our view of these strengths: The very high quality and very low-risk profile of IFA's asset base; The very strong profitability over the past two years, in line with housing finance agencies (HFAs) rated 'AA+' or higher; The improved leverage ratio compared with other 'AA' rated HFAs. The minimal GO debt exposure; and The experienced and active management team, with strong legislative support. IFA continues to improve its asset quality by originating all
