Summary: Iowa Finance Authority; Single Family Multiple MBS

S&P Global Ratings revised its rating on Iowa Finance Authority's (IFA) single-family mortgage bonds, 2018 series D (non-AMT) (variable-rate) (mortgage-backed securities [MBS] program) to 'AAA/A-1+' from 'AAA'. The outlook is stable. The series 2018 D bonds are being remarketed as variable-rate obligations and will receive enhancement in the form of a standby-bond purchase agreement (SBPA) from Royal Bank of Canada. The long-term component of the rating reflects our view of the authority's single-family MBS. The short-term component of the rating reflects our assessment of the liquidity facility in the form of an SBPA provided by Royal Bank of Canada., effective on May 20, 2021. The SBPA will cover principal and 35 days' interests at a maximum 12% annual rate for

...S&P Global Ratings revised its rating on Iowa Finance Authority's (IFA) single-family mortgage bonds, 2018 series D (non-AMT) (variable-rate) (mortgage-backed securities [MBS] program) to '###/A-1+' from '###'. The outlook is stable. The series 2018 D bonds are being remarketed as variable-rate obligations and will receive enhancement in the form of a standby-bond purchase agreement (SBPA) from Royal Bank of Canada. The long-term component of the rating reflects our view of the authority's single-family MBS. The short-term component of the rating reflects our assessment of the liquidity facility in the form of an SBPA provided by Royal Bank of Canada., effective on May 20, 2021. The SBPA will cover principal and 35 days' interests at a maximum 12% annual rate for the purchase price of bonds that are not successfully remarketed during the weekly and Daily interest rate modes (the covered modes). Bondholders have a put option during the covered modes upon providing the requisite notice to...

Summary