Standard&Poor's Ratings Services has assigned its 'AA+' long-term rating on the Iowa Finance Authority's (IFA) series 2015A and C single-family mortgage revenue bonds and affirmed its 'AA+' and 'AA+/A-1+' ratings on the authority's single-family mortgage revenue resolution. The outlook is stable. The 'AA+' rating reflects our opinion of the IFA's: Extremely high quality of assets supporting the bonds, which consist primarily of Ginnie Mae and Fannie Mae mortgage-backed securities (MBS) and reserves; Investment agreements with providers whose ratings are commensurate with the rating on the bonds; and Cash flow strength. These strengths are slightly offset by the presence of high variable-rate debt exposure. The percentage of variable-rate to fixed-rate debt creates some contingent liquidity risk. The authority's strong
