S&P Global Ratings affirmed its 'AA' issuer credit rating (ICR) on the Iowa Finance Authority (IFA). The outlook is positive. The rating is based on our opinion of the following strengths: The very high quality and very low-risk profile of the authority's asset base; Strong profitability trends that are in line with 'AA' and other higher rated housing finance agencies (HFAs); Very high capital adequacy ratios; and Experienced management team that has maintained a strong, positive relationship with the state government. Offsetting those strengths, in our view, is the fiscal year-end 2016 liquidity and profitability performance, which dipped slightly below strong three- and five-year averages. IFA continues to improve its asset quality by originating all single-family loans as securitized mortgage-backed
