Summary: Iowa Finance Authority; Single Family Multiple MBS

S&P Global Ratings assigned its 'AAA' long-term rating to the Iowa Finance Authority's (IFA) 2020 series A (non-AMT) and C (taxable) single-family mortgage bonds (mortgage-backed securities [MBS] program). At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating and 'AAA/A-1+' rating on the debt outstanding under the authority's MBS program. The long-term rating reflects our opinion of the very strong credit quality of the single-family mortgage collateral. The outlook is stable. The rating also reflects our opinion of: The 118.7% adjusted asset-to-liability ratio of the resolution based on consolidated cash flows, which is sufficient, in our view, to cover potential losses in the resolution--we base this on our analysis of necessary loss coverage for a 'AAA' rating; The

...S&P Global Ratings assigned its '###' long-term rating to the Iowa Finance Authority's (IFA) 2020 series A (non-AMT) and C (taxable) single-family mortgage bonds (mortgage-backed securities [MBS] program). At the same time, S&P Global Ratings affirmed its '###' long-term rating and '###/A-1+' rating on the debt outstanding under the authority's MBS program. The long-term rating reflects our opinion of the very strong credit quality of the single-family mortgage collateral. The outlook is stable. The rating also reflects our opinion of: + The 118.7% adjusted asset-to-liability ratio of the resolution based on consolidated cash flows, which is sufficient, in our view, to cover potential losses in the resolution--we base this on our analysis of necessary loss coverage for a '###' rating; + The mortgage loan collateral's extremely strong financial performance and very strong credit quality; + The extremely strong equity, which provides protection against potential loan losses; and + Sufficient...

Summary