Standard&Poor's Ratings Services raised the short-term component of its rating to 'A-1+' from 'A-2' on the Iowa Finance Authority's series 2008A, 2007A, and 2007B multifamily housing bonds (AA/A-1+) based on the substitution of standby bond purchase agreements (SBPA) from Wells Fargo Bank N.A. (AA/A-1+) for the liquidity facilities from Dexia Credit Local (A-/Developing/A-2) on Nov. 1, 2011. The outlook is stable. The new SBPAs from Wells Fargo provide coverage for principal plus 34 days of interest at the rate of 12% for the purchase price of bonds that are not successfully remarketed. The SBPAs are scheduled to expire on Nov. 1, 2016 unless earlier extended or terminated according to their terms. The bonds will continue to bear interest
