Summary: Iowa Finance Authority; Single Family Multiple MBS

S&P Global Ratings assigned its 'AAA/A-1+' dual rating to Iowa Finance Authority's (IFA) $20 million single-family mortgage bonds, 2022 series B (Social Bonds; mortgage-backed securities [MBS] program). The outlook is stable. The series 2022B bonds are being issued 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 Feb. 10, 2022. The SBPA will cover principal and 35 days' interest at a maximum 12% annual rate for

...S&P Global Ratings assigned its '###/A-1+' dual rating to Iowa Finance Authority's (IFA) $20 million single-family mortgage bonds, 2022 series B (Social Bonds; mortgage-backed securities [MBS] program). The outlook is stable. The series 2022B bonds are being issued 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 Feb. 10, 2022. The SBPA will cover principal and 35 days' interest at a maximum 12% annual rate for the purchase price of the 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 the remarketing...

Summary