Standard&Poor's Rating Services affirmed its 'AA' issuer credit rating (ICR) on the Iowa Finance Authority (IFA), in anticipation of issuance of as much as $50 million in multifamily housing bonds, which will be general obligations of the authority. In addition, Standard&Poor's affirmed its 'AA' long-term rating on the authority's general obligation (GO) debt. The outlook on all ratings is stable. The rating is based on our opinion of: The extremely high quality and very low-risk profile of the authority's asset base; Very consistent profitability ratios that are in line with those of other 'AA' rated housing finance agencies (HFA); Very high capital adequacy ratios; Minimal GO debt exposure; and An active management team with strong legislative
