Standard&Poor's Ratings Services affirmed its 'AAA' long-term rating on the Iowa Finance Authority's (IFA) outstanding revolving fund bonds for the IFA's drinking water and clean water program. The outlook on all ratings is stable. The rating reflects our view of the authority's: Extremely strong enterprise risk profile, given that the program has ongoing support from multiple levels of government and a governmental entity manages the program; and Extremely strong financial risk score, with loss coverage score, operating performance, and financial policies consistent with this profile, which also includes cross-collateralization between clean water and drinking water portfolios. Debt service is secured by the trust estate, which consists primarily of pledged loan revenues, reserve funds, and interest earnings. We view
