S&P Global Ratings assigned its 'AAA' long-term rating to the Iowa Finance Authority's (IFA) $60 million series 2025A non-AMT (social bonds) and $54.1 million series 2025B taxable single-family mortgage bonds (mortgage-backed securities [MBS] program). At the same time, we affirmed our 'AAA' long-term and 'AAA/A-1+' and 'AAA/A-1' dual ratings on the other applicable variable-rate series bonds outstanding under IFA's 1991 single-family mortgage bond resolution. The outlook is stable. Bonds issued within the 1991 resolution are general obligations (GOs) of IFA, payable from the revenue, assets, and money pledged under the master indenture on a parity basis with all other obligations outstanding under the master indenture. The bonds are also supported by IFA's GO pledge. The short-term component of the dual
