S&P Global Ratings assigned its 'AAA/A-1+' long-term rating to the Iowa Finance Authority's (IFA) 2022 series H single-family mortgage bonds (social bonds) (mortgage-backed securities, or MBS, program). The outlook is stable. The series 2022H bonds are being issued as variable-rate obligations and will receive enhancement in the form of a standby-bond purchase agreement (SBPA) from U.S. Bank N.A. 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 U.S. Bank N.A., effective on September 15, 2022. The SBPA will cover principal and 35 days' interest at a maximum 12% annual rate for the purchase price
