S&P Global Ratings assigned its 'AAA' rating to the Iowa Finance Authority's (IFA) series 2016 state revolving fund revenue bonds. This series will be issued as green bonds. We have affirmed our 'AAA' long-term rating on IFA's outstanding revolving fund bonds for both its drinking water and clean water programs. 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 it; and Extremely strong financial risk score, reflecting its loss coverage score (LCS), operating performance, and financial policies, which also include cross-collateralization between clean water and drinking water portfolios. Because we view securitizations
