S&P Global Ratings assigned its 'AAA' rating and stable outlook to the Iowa Finance Authority's (IFA) series 2017A single-family mortgage revenue bonds. At the same time, S&P Global Ratings assigned its 'AAA/A-1+' rating and stable outlook to the authority's series 2017B single-family mortgage revenue bonds. The 'AAA' long-term component of the rating on the 2017B bonds is based on the long-term rating on the bond indenture. The 'A-1+' short-term component of the rating on the 2017B bonds reflects an enhancement in the form of a standby-bond purchase agreement (SBPA) from Federal Home Loan Bank of Des Moines, and our opinion of the likelihood that bondholders will receive interest and principal payments when due if they exercise their put (or tender)
