S&P Global Ratings assigned its 'AAA' rating to the Iowa Finance Authority's (IFA) state revolving fund (SRF) revenue bonds series 2017. This series will be issued as a green bond. We have affirmed our 'AAA' long-term rating on IFA's outstanding revolving fund bonds for both its 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 (LCS), operating performance, and financial policies consistent with this profile, which also includes cross-collateralization between clean water and drinking
