Summary: Iowa Finance Authority; State Revolving Funds/Pools

S&P Global Ratings assigned its 'AAA' long-term rating to the Iowa Finance Authority's (IFA) state revolving fund (SRF) revenue bonds $209.26 million series 2021A and taxable $30.22 million series 2021B, both issued as green bonds. We have affirmed our 'AAA' long-term rating on IFA's outstanding revolving fund bonds for both its drinking- and clean-water programs. The outlook on all ratings is stable. The 2021 A and B bonds will reimburse the authority's equity fund for SRF loans previously disbursed and to pay the costs of issuance. Debt service is secured by the trust estate, which consists primarily of pledged loan revenues, the equity fund, and interest earnings. Prior to issuance, the two programs had $2.2 billion of loans currently outstanding,

...S&P Global Ratings assigned its '###' long-term rating to the Iowa Finance Authority's (IFA) state revolving fund (SRF) revenue bonds $209.26 million series 2021A and taxable $30.22 million series 2021B, both issued as green bonds. We have affirmed our '###' long-term rating on IFA's outstanding revolving fund bonds for both its drinking- and clean-water programs. The outlook on all ratings is stable. The 2021 A and B bonds will reimburse the authority's equity fund for SRF loans previously disbursed and to pay the costs of issuance. Debt service is secured by the trust estate, which consists primarily of pledged loan revenues, the equity fund, and interest earnings. Prior to issuance, the two programs had $2.2 billion of loans currently outstanding, to support $1.3 billion in bonds....

Summary