S&P Global Ratings affirmed its 'AA+' issuer credit rating (ICR) on Iowa Finance Authority (IFA, or the authority). At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating on the authority's Multifamily Housing Bond Resolution debt and its dual 'AA+/A-1' rating on the debt. The outlook is stable. The ICR reflects our opinion of the authority's: Increasing equity position, with the authority's net position reaching approximately $326.3 million in fiscal 2019, indicating sufficient resources to sustain operations through economic downturns and uncertainties; Strong asset quality, with a high-quality and low-risk asset base consisting primarily of 'AA+' rated MBS, coupled with very low rates of whole loan delinquencies; Strong profitability metrics, as demonstrated by a five-year average return on
