Standard&Poor's Ratings Services affirmed its 'AA' issuer credit rating (ICR) 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 on all issues is stable. The ICR reflects our view of: IFA's very high quality and very low-risk asset base; The authority's very strong profitability over the past two years, in line with other housing finance agencies (HFAs) rated 'AA+' or higher; The authority's improved leverage ratio compared with other 'AA' rated HFAs; IFA's minimal GO debt exposure; and The authority's active management team, with strong legislative support. IFA has an extremely strong capital adequacy ratio, in our
