S&P Global Ratings' issuer credit rating (ICR) on the Iowa Finance Authority (IFA) is 'AA+'. The outlook is stable. An ICR reflects the obligor's general creditworthiness, focusing on its capacity and willingness to meet financial commitments when they come due. It does not apply to any specific financial obligation because it does not consider the obligation's nature and provision, standing in bankruptcy or liquidation, statutory preferences, or legality and enforceability. The ICR reflects our opinion of the authority's: Increasing equity position, with its net position increasing 7% from fiscal 2023, reaching approximately $424.7 million in fiscal 2023, 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
