Standard&Poor's Ratings Services affirmed its 'AAA' long-term rating on the Iowa Finance Authority's (IFA) revolving fund bonds for its drinking water and clean water program. At the same time, we assigned our 'AAA' rating to the authority's state revolving fund (SRF) revenue bonds, series 2015. 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 (LCS), operating performance, and financial policies consistent with this profile, which also includes cross-collateralization between clean water and drinking water portfolios. Because we view
