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 D (non-AMT) and F (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 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. In addition, the authority plans to issue 2020 series E adjustable rate single-family mortgage bonds, secured by the open resolution and a liquidity facility from TD Bank N.A., which we will rate separately. According to preliminary documentation, officials intend to use the approximately $65.85 million in bond proceeds

...S&P Global Ratings assigned its '###' long-term rating to the Iowa Finance Authority's (IFA) 2020 series D (non-AMT) and F (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 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. In addition, the authority plans to issue 2020 series E adjustable rate single-family mortgage bonds, secured by the open resolution and a liquidity facility from TD Bank N.A., which we will rate separately. According to preliminary documentation, officials intend to use the approximately $65.85 million in bond proceeds to acquire Ginnie Mae, Fannie Mae, or Freddie Mac-guaranteed MBS, backed by pools of mortgage loans which have been or are expected to be made by participating lenders to qualified persons...

Summary